Australian travel company Flight Centre has acquired the US-based StudentUniverse.com, a group of companies which specialise in student and youth travel.
The deal worth $US28 million includes profit related bonuses if StudentUniverse.com achieve agreed milestones in 2016.
StudentUniverse.com, has a strong technology platform and is a leading online travel booking service for the student and youth sector. The Boston-based business offers special student air fares via its websites and mobile apps. They employ 160 people and is the number one student travel brand on all search engines in the US.
The business is expected to generate more than $US250 million in turnover during the 2015 calendar year.
It has an online sales presence in Canada and a team in the UK, plus support operations in the Philippines, but generates the bulk of its sales in flights booked from its home market service in the US.
The transaction involved a number of jurisdictions including Ireland, the U.S., Australia, the Philippines, the U.K. and Canada. LK Shields acted for the sellers of the holding company. The team was led by corporate partner Richard Curran, along with corporate partners Seanna Mulrean and Ruairi Mulrean.
Founder and Executive Chairman of StudentUniverse, Mr Espen Odegard commented:
“LK Shields delivered everything we could expect from a legal firm in terms of commitment, ability to operate in multiple jurisdictions and willingness to go the extra mile to get the deal done. The deal could not have happened without them and their deep legal knowledge combined with a pragmatic approach to problem solving".