Jetset to merge with Qantas
AAP reports that Jetset Travelworld Ltd is set to merge with Qantas Airways’ travel businesses after Jetset shareholders approved the deal yesterday.
Jetset chairman John King said the shareholder vote in favour of merging with Qantas Holidays and Qantas Business Travel paved the way for the combined entity to establish itself as one of Australia’s leading integrated travel services groups.
“Shareholder endorsement is the green light to create an integrated business, which covers all segments of the travel market: retail, wholesale, corporate and online,” Mr King said in a statement.
As a result of the merger, Jetset shareholders will receive a special dividend of 11 cents per share in August.
In February Qantas announced the proposal to merge its travel arms with Jetset, Australia’s biggest travel agency franchise.
Under the deal, Jetset will acquire the Qantas businesses in exchange for scrip in Jetset.
The merger will leave Qantas with 58 per cent of Jetset’s listed stock.
Qantas chief executive Geoff Dixon said the merged entity would sell travel services to the value of around $3 billion a year and generate annual revenues in excess of $800 million.
The group general manager of Qantas Holidays, Peter Collins, will be chief executive of the merged entity and Qantas general manager strategy mergers and acquisitions, Andrea Slark, has been appointed chief financial officer, effective July 25.
Each business will continue to operate under its established brand, and the merged entity will trade on the Australian stock exchange as Jetset Travelworld under the code JET.
The Jetset board will be reconstituted to include Qantas group nominees: Mr Dixon, Peter Gregg, Lesley Grant and Gareth Evans.
Existing Jetset directors John King and Peter Spathis will continue on the new board, with Mr King continuing as chairman.
A Report by The Mole from AAP
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