Helloworld takes majority stake in Perth travel firm

Helloworld has announced it has agreed to purchase a controlling stake in Perth-based Asia Escape Holidays.

The transaction is worth about $3 million.

Asia Escape currently markets travel packages to 16 destinations throughout Asia Pacific and the Indian Ocean.

The deal sees Helloworld take a 60% stake in Asia Escape’s parent Keygate Holdings and has an option to purchase the remaining equity within four years.

The deal will be finalised by the end of this month, it said in a filing.

Asia Escape Holidays owner and managing director Mason Adams will continue to run the business.

"This investment is a significant milestone for Asia Escapes and being a part of Helloworld will provide the business with fantastic opportunities to continue to build our business," Adams said.

The acquisition strengthens its all-inclusive product range, Helloworld said.

Helloworld operates several other brands including Qantas Holidays, Viva Holidays and Sunlover Holidays.