By Ian Neubauer
Jetset chairman John King announced the merger today following a meeting at which shareholders voted to approve the merger, AAP reported.
“Shareholder endorsement is the green light to create an integrated business, which covers all segments of the travel market: retail, wholesale, corporate and online,” King said.
Qantas CEO, Geoff Dixon, said the airline’s merger with Australia’s leading travel agency franchise would sell $3 billion in travel service in its first year of operations and generate at least $800 million in revenue.
The merged businesses will be headed by Qantas Holidays group general manager, Peter Collins. His CFO will be Qantas general manager strategy mergers and acquisitions, Andrea Slark.
It will continue to trade on the Australian Stock Exchange as Jetset TravelWorld. The three businesses will continue under their established brand names to avoid market confusion.
The merger will come into effect on July 25.