Webjet sells Zuji to Hong Kong firm
Tuesday, 11 Nov, 2016
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Online travel agency Webjet has offloaded its Asia Pacific brand Zuji to Hong Kong based travel tech firm Uriel Aviation Holdings.
The deal is worth A$56 million, and came about after the buyer made an unsolicited offer Webjet said.
"Zuji wasn’t on the block, we were not looking to sell it but everything is saleable at the right price. We thought it was a good deal for Webjet shareholders," Webjet managing director John Guscic told The Australian.
"We took a lot of costs out of the business, we integrated a lot of functions into Webjet, achieved scale benefits because we took costs out and we got it to be a profitable business."
However Webjet will retain control of Zuji’s Australian operations.
"We are fond of the Zuji brand and will license the Australian brand from them; we will operate the business in Australia," Guscic added.
Guscic also said Webjet is still in the market for acquisitions if it can add value to the business.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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