Qantas will buy the remaining 49 per cent of Australian online travel business TripADeal.
The move is expected to accelerate Qantas Loyalty’s exposure to the growing $13 billion online holiday packages market.
The carrier said the purchase would combine Qantas and Jetstar’s network with the expanding curated tour market and would also create a more tailored experience for members of the airline’s frequent flyer program.
Qantas acquired a majority stake in TripADeal two years ago.
The remaining 49 per cent will be bought for $211 million, with the deal expected to be finalised by the end of this month.
Qantas expects combined cost and revenue synergies to build to at least $50 million annually.
TripADeal was founded in the New South Wales holiday hotspot of Byron Bay by Norm Black and Richard Johnston, both of whom will leave the business.
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Qantas Loyalty chief executive Andrew Glance said the acquisition was great news for the airline’s customers.
“TripADeal has been building on-trend and well-priced holiday packages for over a decade and has delighted millions of holidaymakers in the process,” Glance said.
“This success has only been turbocharged by the Qantas partnership, and the opportunity for our members to earn and use their points.
“With TripADeal bookings growing at 70 per cent over the last year, and more opportunities to strengthen the offering and realise further synergies, this deal is great news for our customers and the Loyalty business more broadly.”