Cullinan acquires Oz operator

CULLINAN Holdings is to acquire New Horizon Holidays, an outbound tour operator in Perth, Australia, subject to shareholder and regulatory approval. The purchase price is R32m. According to Thompsons Tours, which is owned by Cullinan, both it and New Horizons are very similar businesses and synergies exist in product development, purchasing and technology. The acquisition aims to boost inbound traffic from Australia and the Far East, where New Horizons has a strong foothold. “The Thompsons marketing footprint in Australasia is undeveloped, and New Horizons will create an opportunity of an improved market share and deeper penetration into this lucrative growing market.” Australia represents one of the few long haul markets to South Africa which has grown in 2004, not only in the actual number of tourists arriving, but also in Total Foreign Currency Direct Spend (TFDS) which is a measure of the amount of money spent by tourists. (Darren Sandras)