Jetset and Qantas Holidays to merge
In a further disaggregation of the travel industry, Qantas Holidays, Qantas Business Travel and Jetset Travelworld have announced that they plan to merge into one entity, creating Australia’s most integrated travel organization covering virtually every facet of distribution and aviation in the industry.
Qantas CEO Geoff Dixon said that the merger will deliver significant benefits to the business, its customers and shareholders as the complementary strengths of Jetset and Qantas Holidays will be integrated.
He added that not only will the combined business offer customers a broader range of travel products, but also benefit from potential revenue and cost synergies and the business multiple distribution channels and improved dynamic packaging will also provide it with a competitive advantage over rivals.
Jetset will acquire Qantas Holidays and Qantas Business Travel from Qantas in exchange for shares in the combined business and when complete, Qantas will own 58% per cent of Jetset. The merged entity will remain listed on the ASX under the Jetset brand.
Geoff Dixon also said, “This is a strategic alignment that will bring together two of the strongest brands in travel, capitalising on each business’s individual expertise enabling them, as a group, to build the scale needed to grow into a major industry force.”
Total sales of the merged entity are expected to be in the region of $A3 billion per annum, with revenues of over $800 million a year.
Dixon added, “The transaction will create shareholder wealth and synergies will make it earnings per share positive.” “It will also provide a platform for growth for both Qantas Holidays and Qantas Business Travel”.
The transaction comes under the Qantas Group’s segmentation strategy, designed to provide Qantas businesses with greater autonomy and value.
John King will continue as the Chairman of Jetset and while Jetset’s existing management team will remain unchanged, Peter Collins, Group General Manager Qantas Holidays will become Group Chief Executive Officer and Andrea Slark, Qantas General Manager Strategy Mergers and Acquisitions will become Chief Financial Officer of the combined business.
Subject to majority approval by Jetset shareholders in April, the merger is expected to be completed by 30 April 2008.
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