Flight Centre Travel Group Limited (ASX:FLT) entered into a binding agreement to acquire Scott Dunn Ltd. on January 31, 2023. The enterprise value of the transaction is AUD 211 million. The acquisition will be funded via a fully underwritten AUD 180 million institutional placement and AUD 40 million of existing cash on FLT's balance sheet. In the 12 months ended December 31, 2022, Scott Dunn generated TTV of AUD 199 million and revenue of AUD 51 million. Scott Dunn's existing management team has been retained and will continue to oversee the business under FLT's ownership, ensuring a business-as-usual approach is maintained. Completion of the acquisition is not subject to any conditions and is expected to take place prior to the end of February. For Flight Centre, for the 12 months ending June 30, 2023, the transaction is expected to be mid-teens percentage EPS accretive pro-forma for a full year of ownership prior to the realization of synergies and the impact of one-off transaction cost. George Weavil and Hannah Manning of Travers Smith LLP acted as legal advisor to Flight Centre Travel Group. PwC Corporate Finance LLP acted as lead financial advisor to Flight Centre. James Goold, Martin Yells, Paolo Palmigiano and Liz Wilson of Taylor Wessing LLP acted as legal advisor to Inflexion Private Equity Partners and the management team of Scott Dunn. Harris Williams & Co. Ltd. acted as financial advisor to Scott Dunn.

Flight Centre Travel Group Limited (ASX:FLT) completed the acquisition of Scott Dunn Ltd. on February 7, 2023.