Qantas has sold its remaining shareholding in Helloworld Travel for approximately $33 million in an effort to boost its post-COVID recovery.
The national carrier offloaded its 12.4 per cent shareholding at a price of $1.72 per share, which will be recognised in its FY23 accounts.
The shares were sold via a fully underwritten book build with institutional shareholders.
The sale significantly increases Helloworld’s free float, according to its CEO Andrew Burnes.
“We also welcome to the register a range of institutions who participated in the book build,” he said.
“Many of these are existing shareholders in the business however there are some new shareholders, most of whom we have presented to over recent months and it is exciting to see their belief in the business and the services we offer the travelling public in Australia, New Zealand and Fiji.”
Qantas has held a stake in the travel agency network since 2008, when it was spun off from a merger of Qantas Holidays and Jetset Travel.
The airline has been steadily reducing its shareholding in Helloworld over that time through various transactions and as Helloworld’s own structure has evolved.
Qantas Group’s chief financial officer, Vanessa Hudson, said now was the right time for the airline to exit as shareholders.
“We’ve announced some major investments this year as we focus on what is core to the Group going forward, including fleet renewal, growing our network and a successful expansion into the e-commerce holiday booking space with TripADeal,” Hudson said.
“We’ll continue to have a very strong relationship with Helloworld as a trade partner, and travel agencies in general remain an important pillar of how millions of trips are booked every year.”
Image source: iStock/Katharina13
