With a backdoor listing onto the ASX through mining company Red Gum Resources expected to be finalised next month, Australian Travel Group will announce to the market on Wednesday that it has made its third acquisition in less than a month.
Entering into a trading halt on Monday, the company has struck a deal to acquire Perth-based Motive Travel, a company which focusses on corporate, group and luxury holidays.
Still banking on shareholder approval, this deal will bring the acquisition tally to three. There’s more on that here.
“This acquisition is part of a three phase revenue growth plan and brings the group’s annual sales up to the $85 million threshold,” Alan Dodson, incoming chairman of the Australian Travel Group said.
“Motive Travel is one of only a very small number of Qantas platinum agents which is expected to enhance the group’s access to offerings to its 50,000+ customers.”
Motive Travel owner George Michalczyk will be joining the senior management team at the newly formed company.
The company said there could be more acquisitions in the future as it looks to boost annualised revenue to $150 million by 2015/16.
The reverse takeover is expected to be completed later next month.