Helloworld has announced an agreement to take a 50% share in MTA – Mobile Travel Agents as part of a strategic partnership.
It will fund the stake, worth a reputed A$14 million via capital raising, and under the terms has the option to acquire the remaining 50% share in five years.
"We know it is important to stay competitive and by aligning ourselves with a company with a similar vision and we know the best thing to do for everyone at MTA is to bring ourselves into line with a group which will continue to grow MTA to its fullest potential," co-managing directors, Karen and Roy Merricks said in a statement.
"We feel this is a very positive thing for everyone in the company, both our Members and staff and with this partnership, we have the opportunity to grow MTA in a very positive way."
Queensland based MTA pioneered the ‘out of office’ travel agency model in Australia, featuring travel professionals with extensive industry experience.
It is IATA accredited, a Virtuoso and a member of CLIA.
The existing MTA management team including the Merricks will remain in charge of the company’s day to day business.
"(Helloworld CEO Andrew Burns) strongly believes in the future of our model – the mobile travel agent. He knows and has witnessed our strong and much loved support team. Also that MTA has a nurturing environment which you can count on every day creating trusting and long lasting relationships," the Merricks added.
