Flight Centre agreed with Buffalo Tours owner Thien Minh Group (TMG) in 2014 form a joint venture. Since that initial US$1.5m investment, Buffalo has grown into an international travel business that’s expected to post US$70m in revenues this year, with existing operations in Indonesia, Singapore, Malaysia, Thailand, Cambodia, Laos, Hong Kong, China, Japan, and Burma.
The acquisition comprises a 58.5% interest in Buffalo, up from the 49% Flight Centre initially took. The overall deal also includes Buffalo Tours’ acquisition of TMG’s destination management business in Vietnam, including its overseas sales offices in Australia, England, and the United States. The deal includes opportunities for Flight Centre to further increase its stake in Buffalo Tours.
The JWS team that advised on the deal was led by corporate partners Marcus Clark and Jonathan Cheyne.
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Johnson Winter & Slattery acted as the lead international counsel for ASX-listed Flight Centre Travel Group on its acquisition of majority stakes in Buffalo Tours.