S8 eyes Gullivers
Queensland-based property management company S8 Ltd is set to acquire Gullivers Travel Group Ltd, New Zealand’s biggest travel company, for about $NZ235 million ($A196 million).
Gullivers shareholders are being offered $NZ2.35 cash for each share under the proposed merger, which has the backing of the company’s managing director Andrew Bagnall.
S8 managing director Chris Scott said the merger would provide more diverse revenue streams, improving the company’s competitive position.
“The merger would create a business with increased scale and more diverse revenue streams leading to a more competitive position in the travel industry marketplace,” Mr Scott said.
He said the tie-up would increase S8’s buying power, significantly add to guest numbers in S8’s resorts, and combining the two companies’ wholesale operations would lead to significant economies of scale.
“S8 will have retail travel services through more than 2,200 travel outlets in Australia, New Zealand, Southern Africa and the United Kingdom once the acquisitions of Transonic Travel, Travelscene and Gullivers Travel are completed,” he said.
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