Helloworld Limited has revealed it has agreed terms to acquire up to 10 retail travel stores from Air New Zealand ahead of the launch of the helloworld brand in New Zealand early 2016. The acquisition is subject to certain pre-completion conditions.
The agreed consideration and anticipated effect on profit are not material. HLO CEO Elizabeth Gaines said the acquisition would support the strategic growth of HLO’s operations in New Zealand.
“The intended acquisition of up to 10 retail travel stores from Air New Zealand would expand our geographical footprint, add strength to our existing networks and would assist in building the critical mass from which to launch the helloworld brand in New Zealand.”
“HLO has a strong presence in New Zealand with over 90 agents currently operating under the Harvey World Travel and United Travel brands. The opportunity to transition to a unified helloworld brand will deliver a consolidated share of voice for our agents, as well as economies of scale for the business.”
“HLO remains focused on delivering for our shareholders, agents, partners and consumers and this proposed strategic expansion of our retail footprint reflects that commitment.”