Helloworld Travel strikes $135 million deal to acquire Crown Currency Exchange
Helloworld Travel Limited (ASX: HLO) has entered into a binding agreement to acquire 100% of Crown Currency Exchange (CCE) for $135 million. CCE operates 68 stores across Australia, employs approximately 200 people, and delivered underlying EBITDA of $22 million in FY26, implying an acquisition multiple of 6.1x FY26 EBITDA.
CCE’s head office is located in Hobart. Both Chief Executive Officer Emily Palermo and Chairman Greg Woolley will remain in their respective roles following completion of the transaction.
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Why currency exchange fits HLO’s retail travel network
The acquisition reflects a clear strategic adjacency. Currency exchange is a high-frequency, transactional need that sits directly alongside travel retail, with customers converting cash at the time of booking or before departure.
Andrew Burnes AO, Chief Executive Officer and Managing Director of Helloworld Travel, described the deal as highly complementary to HLO’s existing retail agency businesses and said it would present multiple opportunities for expansion across the company’s networks.
Andrew Burnes AO, Chief Executive Officer and Managing Director
“We are delighted to be adding CCE to our operations and look forward to working with our great network of agents to expand CCE’s operations around the country.”
HLO’s stated intent is to expand CCE’s operations across its existing retail agent network, which spans over 2,600 members in Australia and New Zealand. As a leading Australian and New Zealand travel distribution company with over 900 personnel across Australia, New Zealand, Fiji and Greece, HLO brings both the scale and the distribution reach to support that expansion.
The CCE deal lands against a backdrop of accelerating HLO retail network expansion, with the company having opened, announced, or committed 14 new stores over the prior 18 months and securing five additional confirmed locations into 2027.
Understanding currency exchange as a business — what investors should know
Retail currency exchange businesses generate revenue primarily through the foreign exchange margin, that is, the spread between the buy and sell rates applied to each transaction, combined with a convenience premium for in-person service. Physical store networks are central to this model: travellers converting cash before or after travel typically prefer face-to-face transactions, which makes store count and location a key competitive asset.
Because these operations tend to be capital-light with relatively high margins, EBITDA is the standard lens through which they are valued. Acquisition multiples based on EBITDA are the conventional benchmark in this sector, rather than revenue or asset-based measures.
At 6.1x FY26 EBITDA, the transaction multiple reflects a price consistent with the earnings-based valuation approach typically applied to established retail currency exchange networks.
Funding, governance and completion timeline
The $135 million consideration will be funded through three components:
HLO’s FY26 EBITDA guidance revision to $57-$62 million, itself driven by Middle East conflict-related airline capacity disruptions, provides the broader earnings backdrop against which the $135 million CCE acquisition is being funded and assessed.
- NAB loan facility
- Vendor share placement
- Vendor loan facility
HLO’s position is that the acquisition does not require shareholder approval under ASX Listing Rule 11.1, and the company has sought confirmation from ASX on this point.
Upon completion, Andrew Burnes AO, David Hall (Group General Manager, Transactions & Integration), and Mike Smith (Chief Financial Officer) will join the CCE board. Completion is expected to take place at the end of October 2026.
An investor briefing was held on 21 September 2026 at 4pm, the same day as the announcement.
| Metric | Detail |
|---|---|
| Purchase price | $135 million |
| FY26 underlying EBITDA | $22 million |
| Acquisition multiple | 6.1x FY26 EBITDA |
| Store network | 68 stores across Australia |
| Employees | Approximately 200 |
| Expected completion | End of October 2026 |
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