AOT is a privately-owned travel services provider with operations in Australia and overseas, operating inbound, government and wholesale sectors of the travel industry.
In FY15, AOT generated $55.8 million in revenue and underlying EBITDA of $14.3 million.
“The merger is an exciting opportunity to integrate two complementary businesses to create the second largest integrated travel distribution business in the Australian and New Zealand Markets,” said incoming CEO Andrew Burnes. “I have a fundamental belief in the future of these two businesses, including our franchisee and buying group networks, our wholesale and inbound operations and our corporate TMC business.”
Concurrent with the merger, a number of board and management changes will occur. Andrew Burnes will assume the role of CEO and MD of the company and receive renumeration of $475,000 per annum. Cinzia Burnes takes up the appointment as executive director of the company and group MD of AOT’s exisitng inbound, wholesale and accommodation broking businesses, also receiving $475,000 per annum.
The company said the search to appoint a new chairman and independent non-executive director was ‘well advanced.’
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