FLIGHT CENTRE TAKES SMALL STEP INTO ARGENTINIAN MARKET

Written on the 12 April 2017 by David Simmons

FLIGHT CENTRE TAKES SMALL STEP INTO ARGENTINIAN MARKET TRAVEL company, Flight Centre (ASX: FLT), has acquired a 24.1 per cent stake in Argentina's second largest travel group, Bibam, for AU$9.3m.

Flight Centre's announcement signals the Company's entry into the Argentinian market and represents a low risk entry into the South American market as it plans for further growth across multiple sectors in the region.

Flight Centre's US President, Dean Smith, says a key factor behind the company's investment in Bibam is acquiring access to its technological capabilities.

"We are thrilled to partner with such strong operators in this dynamic market, which is also an emerging IT hub," says Smith.

"As FLT's digital transformation gains momentum, we are excited to partner with CEO Cristan Adamo and his team to further improve our e-commerce and mobile services through access to great talent and software."

Buenos Aires-based Bibam operates the Biblos brand as well as the growing e-commerce company Avantrip.com.

Bibam is also the licensee in Argentina for FCM, the global corporate travel management network that Flight Centre created in 2005.

Bibam generates total transaction value of US$240 million annually.

This is not Flight Centre's first foray and expansion into tech; in 2016 the group purchased two specialist online businesses: Boston-based Student Universe, and BYOjet.com.

Flight Centre expects its online leisure business to generate $1 billion globally in 2017.

Business News Australia

Author: David Simmons

Latest News

AGED CARE OPERATOR AVEO MAY FACE CLASS ACTION FROM RESIDENTS

MADDENS Lawyers is considering a class action against retirement village operator Aveo after a Four Corners-Fairfax i...

REA TO COP AN IMPAIRMENT HIT OF $180 MILLION

ONLINE real estate advertiser REA Group (ASX: REA) says it expects to take a non-cash impairment hit of $180 milli...

LENDERS TAKE CONTROL OF SLATER AND GORDON AS MD ANDREW GRECH STEPS DOWN

SLATER and Gordon boss Andrew Grech has stepped down and a board cleanout is underway as part of a major restructu...

BARTERCARD TAPS INTO FRENCH MARKET

BARTERCARD has taken its first steps into the French market as its listed parent BPS Technology (ASX: BPS) expands it...

Related News

AGED CARE OPERATOR AVEO MAY FACE CLASS ACTION FROM RESIDENTS

MADDENS Lawyers is considering a class action against retirement village operator Aveo after a Four Corners-Fairfax i...

BARTERCARD TAPS INTO FRENCH MARKET

BARTERCARD has taken its first steps into the French market as its listed parent BPS Technology (ASX: BPS) expands it...

CAIRNS COUPLE DIVE INTO THE SHARK TANK AND CONVINCE FELLOW 'BOATIE' GLEN RICHARDS TO WORK WITH THEM

THEY'RE a husband and wife team with an invention that can help save the Great Barrier Reef, and lives, and Pe...

DOWNER EDI GRABS MORE THAN 50 PER CENT STAKE IN HOSTILE TAKEOVER TARGET SPOTLESS

DOWNER EDI Limited (ASX: DOW) now holds more than 50 per cent of Spotless Group Holdings Limited's (ASX: SPO) sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter