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Qantas to buy remaining 49% stake in TripADeal for $140.6 million

Published 06/12/2024, 06:39 PM
Updated 06/12/2024, 07:12 PM
© Reuters. FILE PHOTO: Two Qantas passenger jets cross each other at Kingsford Smith International airport in Sydney June 27, 2013. REUTERS/Daniel Munoz/File Photo

(Reuters) -Australia's Qantas Airways said on Thursday it will acquire the remaining 49% stake in online travel business TripADeal for A$211 million ($140.6 million) as the airline seeks to capitalize on strong demand for holiday bookings.

Easing travel restrictions following the pandemic and higher demand for holidays has boosted online travel bookings.

The deal will enable the group to deepen synergies by combining Qantas and partner airline Jetstar's network with the growing curated tour market, Qantas said.

Qantas acquired a majority stake in TripADeal in 2022.

Following the deal to buy the remaining stake in TripADeal, expected to be completed by the end of June 2024, Qantas expects combined cost and revenue synergies of at least A$50 million annually across the group.

© Reuters. FILE PHOTO: Two Qantas passenger jets cross each other at Kingsford Smith International airport in Sydney June 27, 2013. REUTERS/Daniel Munoz/File Photo

TripADeal will continue to operate as an independent business following the acquisition, working with a range of travel partners and airlines, Qantas said.

($1 = 1.5011 Australian dollars)

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