Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Skyline buys Totally Tourism, gains former Hubbard assets

Skyline acquires Totally Tourism, gains former Hubbard assets

By Paul McBeth

Aug. 29 (BusinessDesk) – Skyline Enterprises Ltd. has agreed to buy Queenstown-based rival Totally Tourism Ltd., including the Glacier Helicopters business once co-owned by Allan Hubbard’s Helicopters (NZ) Ltd.

Totally Tourism exercised its right to buy the half stake in Glacier Helicopters it didn’t already own when Hubbard’s Helicopters (NZ) was sold to Canadian Helicopters Group as part of the South Canterbury Finance Ltd. receivership. The side sale of the Glacier stake reduced the sale price of Helicopters (NZ) by $6 million to $154 million.

Skyline’s purchase of Totally Tourism, which operates ski, rafting and cruise ventures, will settle at the end of the month. No price was disclosed.

Owning 100% of Glacier Helicopters, which runs flights around the Franz Josef and Fox glaciers, has freed up Totally Tourism owners Mark and Jackie Quickfall to sell their Queenstown-based business.

Skyline chairman Ken Matthews told shareholders the acquisition gives the company a “strong presence” on the West Coast and in Milford Sound, and is “consistent with the company’s strategic goal of extending our activities in selected key locations.”

“We see this opportunity as providing some means to achieve a greater presence for existing activities in Queenstown as well as reciprocal benefits for the newly acquired business,” Matthews said.

The company will retain Totally Tourism’s joint venture arrangements and keep the existing brands.

Totally Tourism caters to as many as 150,000 visitors annually through its helicopter, plane, cruise and property investments, according to Skyline’s statement.

Skyline said it will update shareholders on the deal at its annual meeting on Sept. 17.

Earlier this month, Skyline said the downturn in the tourism sector meant it had to recast its strategy to attract Chinese travellers, who are tipped to replace Americans as New Zealand’s third-biggest market.

Skyline reported a bottom-line profit of $12.1 million, or 49 cents per share, in the 12 months ended March 31, compared to a $13.9 million, or 45 cents, a year earlier.

Shares of Skyline, which trade on the Unlisted platform were last at $6.10, valuing the company at $203.6 million.

Last year, Skyline turned down an undisclosed cash offer for its 50% share in Christchurch casino from partner SkyCity Entertainment Group.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 




Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>



Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

Maritime Union: Calls For New Zealand Shipping To Resolve Supply Chain Crisis

The Maritime Union says there needs to be innovative responses to ongoing shipping congestion. Maritime Union of New Zealand National Secretary Craig Harrison says it is essential that New Zealand develops its own shipping capacity... More>>


Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>


Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>



Statistics: Household Saving Falls In The March 2021 Quarter

Saving by New Zealanders in the March 2021 quarter fell to its lowest level in two years after rising sharply in 2020, Stats NZ said today. Increases in household spending outpaced income growth, leading to a decline in household saving from the elevated levels that prevailed throughout 2020... More>>

ALSO: