Update on merger clearance processes

Tourism Holdings Limited (thl) has today provided an update on its proposed merger with Apollo Tourism & Leisure Ltd (ATL).

thl and ATL have commenced discussions with the New Zealand Commerce Commission (NZCC) and Australian Consumer and Competition Commission (ACCC) seeking merger clearance on the basis that the merged entity divests certain assets in each country.

thl has entered into exclusive negotiations with Next Capital to sell the proposed divestment assets in New Zealand and Australia to Jucy Rentals.

Discussions with the NZCC and ACCC are ongoing and no definitive agreement has been reached.

The NZCC has extended its statutory timeframe for a decision on the proposed merger to 2 August 2022.

thl will provide further information on the scheme including an updated indicative timetable in due course.