Apollo Tourism & Leisure Ltd (ASX:ATL)
has announced two acquisitions to expand its rental operations in Canada.
The company plans to acquire CanaDream Corporation, one of the largest RV rental and sales companies in Canada. Apollo has agreed to acquire all the common shares in CanaDream that it currently doesn’t own (which is around 80%) for around $28 million.
Apollo also entered a binding agreement to acquire Australian companies Kratzmann Caravans and Clint’s Caravan Warehouse for around $15.6 million.
In addition, the company is conducting a $40.3 million capital raising to help fund these acquisitions.
This morning, Apollo shares are tracking 5.34% higher at $1.38.