Tourism Holdings looks west to Apollo in A$137m deal

Tourism Holdings looks west to Apollo in A$137m deal
THL is betting the sun will shine on its Apollo deal. (Image: BusinessDesk)
Paul McBeth
Tourism Holdings (THL) is buying ASX-listed rival Apollo Tourism & Leisure in an all-scrip deal as the rental campervan operators plot their course in a post-covid world.The New Zealand company will issue one share for every 3.68 Apollo shares, valuing the Australian firm at A$137 million (NZ$144.2m) and giving its shareholders about 25% of the enlarged group. The Trouchet family, who founded and control Apollo, will end up with about 13.4%. The ratio implies a per share price of 73.6 Australian cents, a 32.6% premium to the 55.5 cents it c...

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Paul McBeth 13 Jun 2024