Photo: Josh Robenstone

The Sydney Morning Herald reports that Andrew and Cinzia Burnes, the husband and wife duo of the AOT Group, will emerge at the helm of Helloword as the listed travel group agreed to a merger with the AOT Group to form a $270 million company.

“Under the deal, foreshadowed by ‘The Australian Financial Review’ Street Talk column, AOT will have a 40% stake in Helloworld when combined with Mr Burnes’ existing 10.3% stake. The listed company will buy AOT for $106 million based on Friday’s closing price of 37¢ a share, including $80.9 million in scrip and $25 million of cash that will be funded from Helloworld’s undrawn debt facilities. Helloworld shares rose 12% after the deal was announced.”

Read the full story at Sydney Morning Herald.