Bird & Bird Advises Flight Centre Travel Group on Acquisition of Iglu

International law firm Bird & Bird advised ASX-listed Flight Centre Travel Group (FLT) on its acquisition of Iglu, the United Kingdom’s leading online cruise agency. Flight Centre’s in-house legal team also participated in the transaction. FLT has acquired Iglu for an upfront payment of £100 million and up to £27 million in performance-based earnouts. The acquisition significantly expands FLT’s cruise footprint by delivering scale, advanced technology and broader access to the UK, which is the world’s third-largest cruise market. Iglu’s industry-leading proprietary digital platform will be integrated across FLT’s leisure brands to accelerate sales, create a unified omni-channel experience for cruise customers and act as a springboard for entry into the US and other high-growth markets. The transaction also marks an exit for UK private equity investor LDC, co-investor Beauport Partners and Iglu founder Richard Downs, and follows a transformational ten-year partnership to create the UK’s leading cruise online travel agency. Bird & Bird noted that the acquisition accelerates FLT’s growth in the high-margin cruise sector, delivers immediate shareholder value and positions the group to exceed $2 billion in cruise-related TTV two years ahead of plan. Bird & Bird represented Flight Centre Travel Group (FLT) in the acquisition of Iglu with a team composed by: Jonathan Angell (partner, Corporate), Richie Lamb (senior associate, Corporate), Verity Spragge (associate, Corporate) and Jacob Bellamy (associate, Corporate). Flight Centre Travel Group in-house legal team represented Flight Centre Travel Group with a team composed by: Peter Feros (General Counsel).

Bird & Bird Advises Flight Centre Travel Group on Acquisition of Iglu

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