ACCC grants clearance for Apollo merger

29 September 2022

MEDIA | NZX RELEASE
TOURISM HOLDINGS LIMITED (thl)

ACCC GRANTS CLEARANCE FOR THL TO MERGE WITH APOLLO

thl advises that the Australian Competition and Consumer Commission (ACCC) has today provided clearance for thl to merge with Apollo Tourism & Leisure Ltd (ATL). The clearance is subject to an undertaking given by thl and ATL to divest certain ATL assets in Australia, in accordance with the terms of the agreement entered into with Jucy on 22 September.

The ACCC has confirmed that the sale of the Australian assets to Jucy is an acceptable remedy that addresses its competition concerns, after having reviewed the transaction documents.

thl Chair, Cathy Quinn, said “we are pleased to have obtained clearance from the ACCC. While there remain other conditions to the proposed merger to be satisfied, clearance from the New Zealand and Australian competition regulators were considered the most significant. We now have much greater confidence that the merger will proceed.”

A replacement Scheme Booklet containing updated information relating to the proposed merger, including a replacement Independent Expert’s Report and an updated timeline will be provided in due course by ATL. It is currently expected that the merger will complete before the end of calendar year 2022.

The merger remains subject to the satisfaction of conditions including refinancing, approval from the Australian Foreign Investment Review Board and requisite approval from ATL shareholders and the Supreme Court of Queensland.

ENDS

Authorised by:

Cathy Quinn
Chair, Tourism Holdings Limited

For further information contact:
Grant Webster
thl Chief Executive Officer
Direct Dial: +64 9 336 4255
Mobile: +64 21 449 210
About thl (www.thlonline.com)

thl is a global tourism operator. We are listed on the NZX and are the largest provider of RVs for rent and sale in Australia and New Zealand, and the second largest in North America. In the USA, we own and operate the Road Bear RV Rentals & Sales brand and El Monte RV Rentals & Sales. In the UK, thl owns 49% of Just go Motorhomes. Within New Zealand, we operate Kiwi Experience and the Discover Waitomo group, which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The Legendary Black Water Rafting Co. thl also owns and operates Action Manufacturing, New Zealand’s largest motorhome and specialist vehicle manufacturer.

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