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Flight Centre buys BYOjet.com

 

Flight Centre has acquired a 70 per cent stake in online travel agency BYOjet.com.

The company said on Monday it will initially pay $2.52 million for new shares in BYOjet.com's holding company, and additional cash payment to its existing owners at the end of the 2016 financial year, but did not disclose the financial details.

BYOjet.com specialises in low cost airfares and generates revenue of around $100 million a year. The business also generates additional revenue by offering its JETMAX booking system as a white label technology product.

The business was launched in 2010 and has presence in Australia, New Zealand and Singapore.

The acquisition follows Flight Centre's all-cash $US28 million ($A38.96 million) takeover of US-based StudentUniverse.com (SU) aimed of tapping the lucrative student travel market, which was announced last week.