SeaLink Travel Group (ASX:SLK) today announced that it has entered into a landmark agreement to acquire the assets and operations of Kingfisher Bay Resort Group (“KBRG”), centred on the World Heritage-listed Fraser Island, 300 kilometres north of Brisbane in Queensland. The acquisition includes the two island resorts Kingfisher Bay Resort and Eurong Beach Resort, as well as Fraser Explorer Tours and the Fraser Island Ferry business operating from Hervey Bay to the Western side of Fraser Island. The purchase is subject to satisfaction of customary conditions precedent.
SeaLink Managing Director, Mr Jeff Ellison said, “Fraser Island is one of the most iconic destinations in Australia and is famous throughout the world for its World Heritage listed wonders. Located 15km off Queensland’s coast, Fraser Island stretches 123 kms in length, and is the world’s largest sand island.
“Kingfisher Bay Resort Group is by far the major hospitality, touring and transport operation on Fraser Island, and we are delighted to be taking ownership of this leading tourism business to drive future protection, promotion and growth of the Island.”
Kingfisher Bay Resort Group accounts for 90 per cent of accommodation options and the majority of touring experiences on Fraser Island. The purchase price of $43 million (plus working capital adjustments) includes land and buildings, plant and equipment, three vehicular ferries, a 30-vehicle touring coach fleet, all contracts, licences, intellectual property and goodwill.
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