Webjet to buy Destinations of the World

Company News

by Rachael Jones

Online travel agency Webjet (ASX:WEB) is to buy Dubai-based business travel wholesaler Destinations of the World for $240 million.

Destinations of the World operates throughout the Middle East, Europe, Asia Pacific and the Americas.

It's a pure-play, business to business accommodation wholesales platform connecting hoteliers with travel agents, online travel agents, tour operators and third-party wholesalers.

The acquisition, expected to complete on November 22, follows Webjet's acquisition of JacTravel in 2017.

Webjet said the DOTW purchase would be funded by a fully underwritten accelerated pro rata non-renounceable entitlement offer, debt funding and an issue of new Webjet shares to continuing management shareholders and DOTW's existing private equity shareholders, Gulf Capital.

Shares in Webjet (ASX:WEB) are currently Trading Halt - Last traded at $12.91.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.