thl agrees merger terms with Apollo Tourism & Leisure

Fri, 10 Dec 2021

Tourism Holdings Limited (thl) and Apollo Tourism & Leisure Limited (ASX: ATL) (ATL) have agreed to merge to create a global leader in the commercial RV rental market.

The proposed merger, subject to approval of Apollo shareholders, funding, court and regulatory approvals in Australia and New Zealand, and other conditions specified in the Scheme Implementation Deed, would result in ATL shareholders owning approximately 25% and thl shareholders owning approximately 75% of the merged entity.

Significant cost out synergies are expected to deliver a steady-state EBIT benefit of $17M to $19M per annum, and fleet rationalisation is expected to generate in excess of $40M of net debt benefit.

thl also plans to apply to be dual listed on the Australian Securities Exchange (ASX) through a foreign-exempt listing.