S8 announces merger with Transonic
Queensland-based travel company S8 Ltd has announced plans to merge with travel services group Transonic Travel Ltd.
The transaction would create a group valued at more than $375 million with leisure, travel industry services and air services as its three core business streams.
S8 chairman Jenny Hutson said the merger would give shareholders of both companies the opportunity to share in the growth potential of the merged business to create shareholder wealth.
“Combining Transonic’s air services and leisure business with S8’s existing businesses, which includes the iconic Harvey World Travel, means the merged group has tremendous potential,” Ms Hutson said.
“The accumulated experience and potential from the combined businesses will hugely benefit all S8 and Transonic shareholders, franchisees and other stakeholders.”
Transonic Chairman, John Ward, said, “A complete merger between S8 and Transonic will allow both companies to accelerate their growth strategies and jointly share in the benefits of industry growth. We have worked very hard to become a significant player in the travel industry in Australia and the pan-Pacific. Together, with S8, we plan to cement that position for the long term.”
S8 currently manages or markets in excess of 5,000 rooms and has 550 Harvey World Travel franchises throughout Australia, New Zealand, South Africa and the UK. Harvey World Travel is the largest retail travel agency franchise business in the southern hemisphere.
S8 Chair, Jenny Hutson and Managing Director, Chris Scott will continue to lead the company. John Ward and Peter Lacaze will be invited to join the S8 Board following the successful completion of the merger.
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