Flight Centre Travel has completed the acquisition of the UK-based online cruise and ski specialist Iglu, in a deal worth up to £100 million plus performance-related earnout.
Iglu was founded in 1998 by Richard Downs and has grown into one of Europe’s leading online retailers for cruise and ski holidays.
According to an statement made by Flight Centres to Australian Securities Exchange, Iglu is forecast to make £14.2 million (EBITDA) in the latest financial year.
The purchase marks a strategic expansion for Flight Centre into the rapidly growing cruise sector.
Under the terms of the agreement, Iglu chief executive David Gooch will continue to lead the business, which will now operate within Flight Centre’s global leisure division headed by James Kavanagh
The acquisition builds on Flight Centre’s footprint in the UK leisure travel market, which already includes brands such as Scott Dunn and Cruise Club UK, as part of its diversified travel portfolio.