AirAsia buys 50% stake in online travel planner Touristly for RM11.5m – The Edge Markets Malaysia

KUALA LUMPUR (April 19): Budget airline AirAsia Bhd is acquiring a 50% stake in online travel planner Touristly Travel Sdn Bhd through an asset injection and loan deal valued at RM11.5 million.

In a statement today, AirAsia said the transaction will see it injecting the digital platform of its Travel 3Sixty inflight magazine valued at RM6.5 million, into Touristly via AirAsia Investments Ltd and extend a RM5 million convertible loan to Touristly for working capital and development.

“The digital platform comprises the online brand for the Travel 3Sixty inflight magazine, touchpoints on airasia.com and online advertising assets, which will allow the startup to reach AirAsia’s 60 million guests annually,” it added.

AirAsia said Touristly, which will operate under the Travel 3Sixty brand following this deal, will also gain access to offline advertising assets, including the physical version of the inflight magazine, overhead cabins and seat trays on AirAsia aircraft.

AirAsia group chief executive officer Tan Sri Tony Fernandes will serve as chairman of Touristly, upon completion of the acquisition.

AirAsia said the deal will strengthen its ancillary portfolio by offering its guests on-ground activities such as restaurants, theme parks, attractions, spas and tours at more than 70 destinations that the airline operates to.

AirAsia shares closed up seven sen or 2.24% at RM3.20 today, giving it a market capitalisation of RM10.63 billion.

Source:
http://www.theedgemarkets.com/article/airasia-buys-50-stake-online-travel-planner-touristly-rm115m