Gullivers settles Pacific International sale

Gullivers Travel Group today confirmed the settlement of its purchase of British travel company Pacific International.

The final cash price of $19 million was slightly lower than the $23 million flagged when the listed travel agency first announced the purchase this month.

Rick Felderhof, previously chief executive of Pacific International, has stepped aside following the takeover and operating management of the company will report to David Wafer, chief operating officer of Gullivers.

It is Gullivers' first acquisition since listing on the New Zealand stock exchange last December.

Shares in Gullivers last traded at $1.37.

- NZPA