Aussie travel portal confirms Spanish investment

Amadeus has purchased 10.68 million shares, or 19.99%, in the online travel company at A93 cents per share, and has also been given an option to acquire another 4.5 million shares at A60 cents anytime over the next two years.

Through its website of the same name travel.com.au provides a full range of travel products to individuals and corporate customers. It also owns New Zealand travel portal, travel.co.nz, as well as similar joint ventures in Japan and South Africa, and has an Australian/New Zealand joint venture with the UK's lastminute.com.

Amadeus is a leading global distribution system (GDS) and technology provider offering marketing, sales and distribution services to travel and tourism industries.

David Tonkin, CEO of travel.com.au, says the two companies aim to build Asia Pacific's top online travel service.

"We see Amadeus as the best possible partner in what is increasingly becoming a global business, and access to the world's best travel technologies and online content is crucial to success. The travel.com.au and Amadeus skill sets and technology are very complementary."

In the year to the end of June 2000 travel.com.au had sales of A$118.9 million, exceeding prospectus forecast by 17%, and a full year loss of A$7.72 million, $2.85 million more than prospectus forecast.

Australian and New Zealand sales are budgeted to approach A$200 million in 2000/2001 with a small profit expected.

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