Air NZ sells travel agent subsidiary

The airline has announced the sale of the subsidiary to Australian travel group, Travelworld, which is part of the ASX-listed Heartlink group.

The purchase price is between $A6 and $A7 million with the transaction due to be settled in mid April.

Air NZ says the deal is part of its ongoing programme to focus on core air transport operations and follows the sale recently of the Jetset business travel operation to Synergi Travel Australia.

"A primary requirement of Air NZ in this transaction is that Travelworld demonstrate commitment to strengthen and grow the Jetset retail business," the company says.

"Jetset retail has a committed network of 431 agents and a dedicated group of employees. Air NZ is keen to ensure a strong, ongoing relationship with the new entity and has signed a long term agreement to become a preferred trading partner of the Jetset retail business."

The airline, which last year posted a record loss of $1.425 billion, is schedule to announce its first half result next week.

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