Webjet acquires NZ e-commerce group Online Republic
Travel booking website, Webjet, will acquire New Zealand-based travel group, Online Republic, for NZ$85 million (A$80.16 million).
Webjet shares are in a trading halt while it raises the funds for the acquisition through a fully underwritten entitlement offer and new share issue.
The Kiwi e-commerce group specialises in online bookings of rental cars, motorhomes and cruises with an internally-developed SEO and digital marketing business.
“The acquisition of Online Republic represents a unique opportunity to leverage Webjet’s core capabilities into the attractive online car rental, cruise and motorhome segments,” said John Guscic, MD, Webjet.
Guscic said Online Republic complements the company’s existing portfolio and will help their push into car rental and the high-growth motorhome rental markets.
“Bringing Online Republic under our broader Webjet banner will provide the opportunity to accelerate growth of the brands globally,” said Gucsis. “We see significant opportunities in applying the benefit of our marketing and branding expertise, together with our scale, to drive market share gains across Online Republic’s respective segments.”
For the 12 months to March 31 of this year, Online Republic generated total transactional value of NZ$229 million, with over 90 per cent of bookings generated outside New Zealand.