Flight Centre completes Canadian purchase
Travel retailer Flight Centre has bought a remaining stake in Canada-based corporate travel business Les Voyages Laurier du Vallon to take sole ownership of the travel business.
The ASX-listed travel firm bought 75 per cent of Quebec-based LDV in 2017 for an undisclosed sum and has now exercised its option to buy the remainder.
“LDV has proven to be a valuable addition to our network in the Americas and we are pleased to take 100 per cent ownership of the business,” said Graham Turner, Flight Centre managing director.
“In addition to delivering solid earnings growth over the past two years, its corporate travel presence has enhanced our already strong customer offering across Canada and throughout North America in general.”
Flight Centre has already flagged a record profit contribution of more than $100 million from its North American business when it releases its full-year accounts on August 22.
Shares in Flight Centre were worth $45.68 before the start of trade on Monday, up 6.4 per cent this calendar year.
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