Qantas has agreed to sell its 12.4 per cent shareholding in Helloworld Travel Limited for approximately $33 million as it sharpens its focus on post-COVID recovery.
The national carrier has held a stake in the travel agency network since 2008, when it was spun off from a merger of Qantas Holidays and Jetset Travel. Qantas' shareholding in Helloworld has steadily reduced over that time through various transactions and as Helloworld's own structure has evolved.
The share sale was at a price of $1.72 per share. The transaction will be recognised in Qantas' FY23 accounts.
Qantas Group Chief Financial Officer, Vanessa Hudson, said: "Our stake in Helloworld has reduced over several years and now is the right time for us to exit as shareholders.
"We've announced some major investments this year as we focus on what is core to the Group going forward, including fleet renewal, growing our network and a successful expansion into the e-commerce holiday booking space with TripADeal.
"We'll continue to have a very strong relationship with Helloworld as a trade partner, and travel agencies in general remain an important pillar of how millions of trips are booked every year," Ms Hudson added.
The divestment of Helloworld follows Qantas' sale of almost 14 hectares of industrial land near its Mascot headquarters in Sydney for $802 million in late 2021.
