11:52am Wednesday 24th June 2009
Penningtons Solicitors LLP has advised international tour operator Australian Pacific Touring (UK) Limited on its purchase of a majority share in GW Travel Limited, the market-leader in long-distance luxury rail tours. GW Travel's flagship holidays are trips on the world-famous Trans-Siberian Express.
Australian Pacific Touring, which was established in Melbourne over 80 years ago and is regarded as a pioneer of the Australian and New Zealand travel industry, specialises in holidays in Australia, New Zealand, Canada and, most recently, Europe and China. It places an emphasis on innovative, luxury touring breaks.
GW Travel operates private trains in Russia, Mongolia, China, Tibet, India, Canada and Africa. In 2007, after running tours over the Trans-Siberian Railway for over ten years, it unveiled the Golden Eagle Trans-Siberian Express, a new train that brought unprecedented luxury to the world’s greatest railway journey.
Shares in GW Travel were held by three shareholders who each sold 51% of their shares to Australian Pacific Touring. The shareholders are also directors of GW Travel and will remain working for the company in partnership with Australian Pacific Touring. The deal included the issue of loan notes to the sellers by the purchasers as part of an interest bearing loan.
Penningtons Solicitors LLP advised on all aspects of the commercial agreements involved in the acquisition. Its team included corporate, employment and tax specialists. Penningtons' corporate partner, Peter Kidd, who is a member of the firm's hotel and leisure group, led the legal team advising Australian Pacific Touring. He commented: “We are delighted to have completed this deal which allows both companies to continue to consolidate their position in the competitive luxury travel marketplace."
Wragge & Co advised GW Travel.
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