Flight Centre Travel Group expands in New Zealand with two new acquisitions
Serial shopaholic Flight Centre Travel Group is spending again to expand its presence in New Zealand.
It is buying Executive Travel Group (ETG), a major independent corporate travel management company, and leisure travel specialist Travel Managers Group.
"ETG will enhance our already strong corporate travel offering in New Zealand and will give the business additional scale and expertise," Flight Centre managing director Graham Turner said in a statement to the stock exchange.
"Through TMG, we will gain access to new business models and leisure revenue streams to complement our offerings across our other key channels, which include online, contact centres, our community and flagship shop network and our expo and event programme."
The acquisitions will make New Zealand Flight Centre’s fifth largest market with a combined $1.5 billion in annual sales.
The company will pay cash but the cost of the acquisitions was not disclosed.
Flight Centre recently made the move into hotel management with the acquisition of Bespoke Hospitality Management Asia, and also bought Mexico-based DMC Olympus Tours.
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