Helloworld Travel Limited (ASX:HLO) agreed to acquire Orient Express Travel Group Pty. Ltd. from Tom Manwaring and Sintack Pty Ltd for AUD 69.4 million on June 22, 2023. Consideration for the acquisition will be a mixture of shares and cash with a cash payment of AUD 40 million and issue of new shares equal to AUD 10 million, being 3,647,998 shares in Tranche 1 and cash payment of AUD 40 million and issue of new shares equal to AUD 15 million, being 1,823,842 shares in Tranche 2.The cash component of AUD 55 million will be fully funded from HLO's existing cash reserves. Tom Manwaring will remain as CEO and a Director of ETG. The transaction is subject to shareholder approval. As of July 26,2023, the majority of shareholders of Helloworld have approved the transaction. The transaction is expected to settle early August 2023. The acquisition will be earnings accretive in FY24 and and a reasonable multiplier of 7 times forecast earnings for FY2023.

Helloworld Travel Limited (ASX:HLO) completed the acquisition of Orient Express Travel Group Pty. Ltd. from Tom Manwaring and Sintack Pty Ltd on July 1, 2023. Baker McKenzie acted as legal advisor to CTG Investments Pty Ltd in relation to the sale of Express Travel Group to Helloworld.