Australian company Camplify is seeking approval to purchase two Tourism Holdings companies

ASX-listed recreational vehicle company Camplify has applied to acquire the New Zealand assets and operations of Tourism Holdings’ (THL) peer-to-peer campervan and RV rental platforms, Mighway and SHAREaCAMPER.

The A$7.37 million ($7.83 million) deal was announced last October.

Camplify, Mighway and SHAREaCAMPER enable motorhome and campervan owners, including private individuals and small rental companies, to rent their vehicles to tourists.

Camplify’s peer-to-peer platform was founded in Australia in 2015 and expanded to New Zealand in 2019.

It also operates in Spain and the United Kingdom.

THL’s business in New Zealand includes the manufacture and sale of RVs, RV rentals and the operation of peer-to-peer RV rental platforms on the internet.

In addition to Mighway and SHAREaCAMPER, THL’s brands include Maui, Britz and Mighty.

“We will approve a proposed merger when we are satisfied that the merger is not likely to have the effect of materially reducing competition in a market,” the trade commission said in a statement.

Under the terms of the transaction, THL has agreed to sell the companies for A$7.37m – the purchase price to be settled by the issuance of new fully paid-up Camplify common shares to THL.

Shares will be issued in two equal tranches. The first tranche will be issued upon closing and the second tranche will be issued 12 months after closing.

Separately, the Commission registered a separate application for authorization from THL Group (Australia) Pty Ltd, a subsidiary of THL, seeking authorization to acquire 100 per cent of Apollo Tourism and Leisure under a Scheme of Arrangement.

In a December earnings update, THL said the outlook for the second half of 2022 in New Zealand and Australia was uncertain as both markets currently have some form of domestic travel restrictions in place.

“While respective governments have provided an indicative timeline for the relaxation of international borders, it is still too early to understand what potential international demand could return in the second half of 2022,” THL said.

“Based on the New Zealand government’s border shutdown announcement, it is unlikely that there will be any significant Transtasman voyages in H2,” THL said at the time.

THL’s shares last traded at $2.99 ​​after gaining 19.2 percent over the past 12 months.