Australian travel booking website Webjet has bought New Zealand-based Online Republic, a travel group specialising in cruise, car rental and motorhome travel bookings. The price was reportedly NZD 85 million (AUD 80.16 million).
The 12-year-old New Zealand firm sold 90% of its products overseas, the New Zealand Herald reported.
“Online Republic is highly complementary to Webjet’s existing portfolio, enabling our business to further expand its offering in car rental and cruise and enter the high growth motorhome rental market,” Webjet managing director John Guscic said.
Guscic added that Webjet saw significant opportunities in applying its marketing and branding expertise, together with its scale, to drive market share gains.
Online Republic’s website says it operates “Australasia’s most trusted cruise brand according to TrustPilot, and we’re one of the biggest bookers of cruise trips.”
The website claims over 220,000 cruise passengers booked, over a million car rentals booked “from thousands of locations around the world”, over 7.5 million car rental days booked and over 130,000 motorhome road-trips booked, with motorhome rentals in 25 countries and several languages.
The NZ Herald quoted Guscic saying: “We were really happy with their performance. I liked the company so much that we bought it.”
The owners of Online Republic had in turn reinvested 22% of the proceeds of the sale in shares of Webjet, Guscic said.
Edited by William Sykes