New super agency hopes to avoid job losses
The proposed $439 merger between Jetset Travel and Australia’s largest travel retailer, Stella Travel Services, is unlikely to result in job losses, according to Jetset chairman Tom Dery.
Dery described the deal as a “merger of equals” between two complementary businesses that would generate cost savings for the combined group.
“With the economic upswing coming, we’re doubting whether staff numbers will drop at all following the merger,” Dery said.
Stella, which employs about 1700 staff, owns the Harvey World Travel and Travelscene American Express retail chains as well as the Best Flights travel website, while Jetset employs about 1300 staff across its market-leading Jetset Travelworld chain.
Stella’s majority owner, private equity group CVC, will have a 26.9 per cent stake and UBS 17.9 per cent.
The deal does not affect Mantra, the hotels and resorts group also owned by CVC and UBS.
A 24.7 per cent stake in Jetset owned by Spiros Alysandratos, the chief executive of airline ticket distributor Consolidated Travel Group, would be diluted to a 12.6 per cent stake in the merged Jetset-Stella.
The merged business would remain listed on the Australian Securities Exchange and be led by Peter Lacaze, currently chief executive at Stella and previously chief at both Jetset and Qantas Holidays, which was acquired by Jetset in 2008.
Peter Collins, chief executive of Jetset since the Qantas Holidays deal, will return to Qantas.
A shareholders meeting to approve the deal will be held in August.
Ian Jarrett
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