Flight Centre to Sell Pedal Group Stake for $61.7m in Portfolio Shake-Up

Flight Centre Travel Group Limited ( (AU:FLT) ) has shared an update.

Flight Centre Travel Group has agreed to sell its approximately 47% stake in Pedal Group, owner of the 99 Bikes retail chain and wholesaler Advance Traders Australia, to the Turner Collective for $61.7 million. The deal, which requires shareholder approval and regulatory clearances, is unanimously backed by independent directors and deemed fair and reasonable by an independent expert.

The divestment continues Flight Centre’s portfolio simplification strategy, following the sale of its Cross Hotels and Resorts business and other exits from non-core assets. Management expects the transaction to crystallise a strong return on investment, deliver an accounting gain of about $15 million with no cash tax impact, and free up additional capital and focus for its core global travel businesses and future growth initiatives.

The most recent analyst rating on (AU:FLT) stock is a Hold with a A$10.50 price target. To see the full list of analyst forecasts on Flight Centre Travel Group Limited stock, see the AU:FLT Stock Forecast page.

More about Flight Centre Travel Group Limited

Flight Centre Travel Group is an Australia-based global travel company that provides leisure and corporate travel services through a portfolio of brands. The group has been refocusing on core travel operations, exiting non-core holdings and underperforming brands while prioritising growth areas such as cruise and meetings and events to sharpen its strategic positioning and capital allocation.

Average Trading Volume: 1,539,246

Technical Sentiment Signal: Strong Sell

Current Market Cap: A$2.23B

For detailed information about FLT stock, go to TipRanks’ Stock Analysis page.