Flight centre travel group takes 100% ownership of Canada Corporate and premium leisure business

Company News

by Anna Napoli

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Last Updated: 24/01/2020 12:13 PM

Flight Centre (ASX:FLT) has today announced the acquisition of North American premium leisure and corporate travel business Les Voyages Laurier du Vallon (LDV).

The travel company secured a 75 per cent interest in Les Voyages in August 2017 and formally acquired the remaining 25 per cent interest under the terms of a rolling put/call option that was agreed when FLT initially invested in the Quebec-based business.

Managing director Graham Turner said LDV had become an important part of Flight Centre's Americas business during the past two years and had contributed to the company’s strong growth in the region.

The acquisition’s terms are currently confidential and have not been disclosed. Flight Centre will release its 2019 fiscal year (FY19) accounts on August 22, 2019 and has already flagged a record profit contribution from its North American business.

In April, the company said its Americas businesses, which together generated a $AU70.2million profit before tax during FY18, were closing in on a profit in excess of $AU100million for FY19.

Shares in Flight Centre (ASX:FLT) closed 0.93 per cent lower at $45.68 on Friday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.