JOHANNESBURG – Travelstart Group’s acquisition of southern Africa’s Club Travel Group for an undisclosed amount this week got the green light from the Competition Tribunal.
In a statement yesterday, Travelstart said the transaction would boost its offering by adding Club Travel’s established complementary corporate and franchise divisions to create one of Africa’s largest, full-service travel groups.
“We are thrilled to officially welcome Club Travel as the newest member of the Travelstart family,” said chief executive Stephan Ekbergh.
“Together we will continue to concentrate on building the best place for people to plan, book and manage travel.” With the acquisition, Travelstart and Club Travel enter a co-operation, which would enable Travelstart to expand its business and reach new customers, and Club Travel to gain the expertise needed to deliver digital product innovation and remain competitive. Club Travel will continue as a standalone company. Thebe Tourism Holdings (Thebe), the majority shareholder of the Club Travel since 2009, has sold its stake in the group to Travelstart.
Thebe and Travelstart have jointly invested in Club Travel Corporate, a level one B-BBEE rated division of the Club Travel Group.
The acquisition, which sees Travelstart wholly acquiring the Club Travel Group and its subsidiaries, was first announced in June and the deal was subject to the approval by the Competition Commission.The transaction has now been formally completed and approved.