Skip to main content

PLEASE NOTE: For everyone’s safety, Fasken recommends anyone on-site at our Canadian offices be familiar with the COVID-19 recommendations in place which may include one or more of the following: social distancing, hand sanitizing, wearing a mask in common areas and proof of full vaccination. These measures apply to lawyers, staff, clients, service providers and other visitors.

Client Work

Travelzest acquires iTravel2000.com for US$51.5 million

Fasken
Reading Time 1 minute read Subscribe

Overview

Client

Travelzest

On October 13, 2006, Travelzest plc, a British on-line travel group offering specialist travel programmes, completed its acquisition of 1360944 Ontario Inc., o/a iTravel2000.com, in an exchangeable share transaction valued at approximately $51.5 million. itravel2000.com is a privately owned Canadian on-line travel agent specialising in the sale of travel and travel related products by Internet web sites and a customer call centre located in Mississauga, Ontario. Consideration for the purchase of all of the outstanding shares of itravel2000.com consisted of a combination of cash and exchangeable shares of a wholly-owned British Columbia subsidiary of Travelzest. The exchangeable shares are exchangeable on a one-for-one basis with publicly traded Travelzest shares. Travelzest shares trade on the AIM market of the London Stock Exchange plc. The acquisition was financed in part by way of a debt facility provided by Barclays Corporate Leverage Finance in an amount of approximately £11 million. In Canada, Fasken Martineau acted for Travelzest with a team that included Alfred Apps, Lisa Marcuzzi, Kevin Clinton and Daniel Fabiano (corporate), Mitchell Thaw (tax), Ian Campbell (employment and labour), Bogdan Teofilovici (banking) and Gina Croce (corporate services).

Team

    Subscribe

    Receive email updates from our team

    Subscribe