Gullivers goes global with Pacific International buy

Listed travel company Gullivers Travel Group has agreed to buy the global travel firm Pacific International Holdings (PIH) for $23 million.

The PIH assets involve a range of wholesale and retail travel businesses in New Zealand, Australia and Britain and include the master franchise for Harvey World Travel in New Zealand.

Settlement in cash is set for October 31.

Gullivers managing director Andrew Bagnall said PIH's Australian and British assets would help move Gullivers into the high growth inbound tourism markets of Australia, New Zealand and Fiji.

"This acquisition is in line with the group's strategy of acquiring businesses that complement and benefit our existing operations and expand our global footprint," Mr Bagnall said.

Gullivers already owns the United Travel and Holiday Shoppe franchise brands, and operates wholesale travel operations and corporate travel agencies as well as the online travel booking site Zuji New Zealand.

Shares in Gullivers last traded on Friday at $1.50, having ranged between $1.30 and $1.65 since it listed on the stock exchange in December last year.

- NZPA