Transat Inc. has signed an agreement for the sale of its wholly-owned and highly regarded business unit Jonview Canada, the country's leading incoming tour operator, for $44 million (Canadian) to Japanese multinational H.I.S. Co. Ltd.
H.I.S specializes in travel distribution globally, the transaction is subject to the approval of the Competition Bureau of Canada and to other usual conditions. It is expected to close on or around November 30, 2017. The price will be adjusted at closing.
"With this transaction, Transat has carried out the implementation of its strategic refocusing around its leisure travel operations in Canada and development of its hotel division," said Jean-Marc Eustache, President and Chief Executive Officer, Transat. "The sale of our Canadian incoming tour operator business will accelerate development of those key sectors."
Hideo Hatano, Executive Officer, Global Business Development Division, H.I.S. Co. Ltd., added: "The acquisition of Jonview Canada is in keeping with our ambitious expansion plan in North America, and bodes well for the development of this leading incoming tour operator, which has become a reference for Canada as a travel destination."
Jonview Canada markets its tourism product offering, which encompasses escorted tours, all-inclusive travel, sport and adventure packages, and personalized group tours, to more than 50 countries via third-party travel agencies and tour operators. The Canadian incoming tour specialist employs 180 people in Toronto and Montreal, along with 120 seasonal guides, and brings some 300,000 international visitors to Canada annually.
It's thought that the operation will be 'streamlined' upon the H.I.S Co take over and staffing levels in Toronto and Montreal reduced to around 130 people, although the seasonal guides should stay the same, according to H.I.S.
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