International law firm Bird & Bird has advised ASX-listed Flight Centre Travel Group (FLT) on its acquisition of Iglu, the United Kingdom’s leading online cruise agency.
FLT has acquired Iglu for an upfront payment of £100 million and up to £27 million in performance-based earnouts.
The acquisition significantly expands FLT’s cruise footprint, delivering scale, advanced technology and broader access to the UK – the world’s third-largest cruise market. In addition, Iglu’s industry-leading, proprietary digital platform will integrate across FLT’s leisure brands to accelerate sales and create a unified, omni-channel experience for cruise customers, and serve as a springboard for entry into the US and other high-growth markets.
The transaction marks an exit for UK private equity investor LDC, co-investor Beauport Partners and founder Richard Downs and follows a transformational 10-year partnership to create the UK’s leading cruise online travel agency.
The multi-disciplinary Bird & Bird team was led by Jonathan Angell (partner, Corporate), Richie Lamb (senior associate, Corporate), Verity Spragge (associate, Corporate) and Jacob Bellamy (associate, Corporate).
Jonathan Angell, Corporate Partner at Bird & Bird commented: "We are delighted to have advised Flight Centre Travel Group on this transformational acquisition of Iglu. This transaction accelerates FLT's growth in the high-margin cruise sector whilst delivering immediate shareholder value and positioning the group to exceed $2 billion in cruise-related TTV two years ahead of plan."
Peter Feros, GC at FLT commented: "This acquisition of Iglu represents a significant milestone for FLT. Bird & Bird's exceptional expertise and commercial advice were instrumental in navigating us through the complexities of this transaction and delivering a successful outcome for our business and shareholders."
