Travel.com.au Dances to Amadeus Tune
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[Sydney, AUSTRALIA] Online travel group Travel.com.au has received a AUS $9.93 million investment from Amadeus, a global distribution system (GDS) and technology provider serving the travel and tourism industries.The investment in Travel.com.au (TVL) is part of a wide-ranging relationship formed between the two companies and represents 19.9 percent of TVL's expanded capital TVL will issue 10.68 million new shares at approximately A$0.93 per share to Amadeus, for consideration of some A$9.93 million in cash. Amadeus and Atlas Travel Technologies, its wholly owned subsidiary operating in Australia and New Zealand, will offer a range of technologies and e-commerce solutions, and additional m-commerce and end-user consumer tools, which are expected to expand the scope and value of TVL's offerings. The parties will also develop their relationship to ensure mutual growth of their respective businesses and the expansion into new business opportunities and new markets in the Asia/Pacific region. "Online travel is a global business and access to the world's best travel technologies and online content is crucial to success," said travel.com.au's chief executive David Tonkin. Completion of this deal will be subject to finalization of documentation, the approval of TVL's and Amadeus' respective boards, and approval by TVL shareholders for the placement of their shares. The process is expected to be completed by December 31, 2000.