Agency group Helloworld Travel has sealed an agreement to purchase Magellan Travel Group for $32.5 million.
The cash and stock deal will see the addition of 130 Magellan agents into the Helloworld network, said Helloworld CEO Andrew Burnes.
"Magellan has been established for nearly ten years and has a great network of members in both the leisure and corporate agency business. Adding the Magellan network to the Helloworld Travel Group will improve the scale of our operations throughout Australia," Burnes said.
Magellan’s management team including MD Andrew Macfarlane will join Helloworld.
"I congratulate Andrew Macfarlane and the founding shareholders of Magellan for building what is a great network of agents we are delighted to welcome to the Helloworld Travel family," added Burnes.
