Australia's Qantas to buy majority stake in TripADeal as leisure travel rebounds By Reuters

Australia's Qantas to buy majority stake in TripADeal as leisure travel rebounds

Stock Markets May 23, 2022 10:30PM ET

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Australia's Qantas to buy majority stake in TripADeal as leisure travel rebounds

© Reuters. FILE PHOTO: A ground worker walking near a Qantas plane is seen from the international terminal at Sydney Airport, as countries react to the new coronavirus Omicron variant amid the coronavirus disease (COVID-19) pandemic, in Sydney, Australia, November 2

(Reuters) - Australia's Qantas Airways said on Tuesday it would buy a 51% stake in online travel agency TripADeal for an undisclosed amount, as it seeks to tap a recovery in demand for packaged holidays.

Easing COVID-19 restrictions and a rebound in leisure travel have triggered a boom in the online holiday booking market over recent months.

The deal includes a provision for Qantas to take full control of TripADeal in four years and is expected to add to the national flag carrier's earnings goals for full-year 2024.

It would allow frequent flyers under the airline's loyalty division to use their points for any TripADeal holiday package, the Sydney-based company .

Qantas Loyalty was targeting a return to double-digit growth in 2022 and an underlying earnings before income tax of A$500 million ($354.85 million) to A$600 million by fiscal 2024, it added.

Earlier this month, Qantas announced its decision to buy the remaining stake in Alliance Aviation Services for A$610.8 million to expand its presence in the charter business.

($1 = 1.4090 Australian dollars)

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