Photo: 123rf.com
Tourism Holdings (THL) has cleared another hurdle in its bid to buy 100 percent of Australia's Apollo Tourism & Leisure.
The Commerce Commission's (NZCC) clearance was subject to [https://www.rnz.co.nz/news/business/475343/tourism-holdings-and-australian-firm-agree-asset-sale-to-progress-merger
THL and Apollo] selling 110 of Apollo's existing four to six-berth motorhome rental fleet in New Zealand, Apollo's Star RV brand, forward motorhome rental bookings, the lease to an existing Apollo depot and other assets to a subsidiary of Jucy Group, another large campervan rental company in New Zealand.
Apollo would also provide certain services to Jucy on a transitional basis.
"The NZCC's decision is an important step towards the successful completion of the merger with Apollo," THL chief executive Grant Webster said.
"We are focused on satisfying the remaining conditions to the merger in a timely manner with the intent to complete the transaction before the end of 2022."
The merged business had also agreed to supply 40 motorhomes in calendar year 2023 to Jucy, with an option for an additional supply 40 motorhomes the following year.
The Australian competition regulator will release its decision next Thursday.
The merger was also subject to refinancing, approval from the Australian Foreign Investment Review Board and requisite approval from Apollo's shareholders and the Supreme Court of Queensland.