Holisto. | June 15, 2022
On June 13, Holisto Ltd, a leading technology-based online travel booking platform, and Moringa Acquisition Corp, a special purpose acquisition company, announced that they entered a business combination agreement that would get Holisto publicly listed on the Nasdaq. Holisto Ltd’s expected pro forma equity value will be approximately $405 million, thanks to this business combination.
Moringa’s non-redeeming public shareholders can receive a pro-rata portion of a bonus pool of up to an additional 1,725,000 shares at transaction close. This would result in a merger consideration of between 1.15 and 1.6 Holisto ordinary shares for each such Moringa Class A ordinary share not redeemed. However, the ratio of merger consideration for non-redeeming shareholders will depend on the number of Moringa shares redeemed.
“From the outset we were inspired by the opportunity to disrupt the large, fragmented and complex travel booking market, using advanced big data and AI technologies that enable incremental cost savings and simplicity through the ability to combine offerings from multiple sources, Our combination with Moringa and access to public markets will allow Holisto to continue to aggressively leverage our technology by scaling our platform and infrastructure and expand our customer acquisition and brand awareness.”
-Eran Shust, Chief Executive Officer and co-Founder of Holisto.
“We are incredibly excited to announce the merger with Holisto. Holisto is innovating with advanced technology solutions in a large, global market which is ripe for transformation for the benefit of the consumer traveler. We look forward to our partnership and opportunity to leverage our expertise as Holisto continues to rapidly scale its business.”
-Ilan Levin, Chief Executive Officer and Chairman of Moringa
Holisto is a tech-based online travel booking platform. It harnesses the power of advanced AI to make travel more affordable and personalized for customers. Its unique holistic view of hotel rates and plans result from multiple inventory sources, including online travel agencies, wholesalers, global distribution systems, and hotel operators, so that consumers can get the best deals on their bookings.
TRAVEL TECHNOLOGY,AIRLINES AND AIRPORTS
Air Canada and United Airlines | July 25, 2022
Air Canada and United Airlines announced a joint business agreement for the Canada-U.S. transborder market, building on their long-standing alliance, that will give more flight options and better flight schedules to customers traveling between the two countries. Customers will be able to connect to 38 codeshare destinations in the U.S. and eight of the most popular cities in Canada — all while enjoying the benefits of the carriers' MileagePlus® and Aeroplan loyalty programs. The agreement will also strengthen and grow both carriers' networks and help accelerate their COVID-19 recovery. United is a world-class airline and we are pleased to significantly expand our well-established partnership to further enhance the customer journey between Canada and the U.S. by offering more choice, greater convenience and an improved airport experience, said Mark Galardo, Senior Vice President of Network Planning and Revenue Management at Air Canada. "This agreement marks a new phase in our evolving relationship that will speed the recovery from the pandemic and strengthen both carriers. It will also enable us to optimize our hubs and schedules and to broaden our global network connectivity to maintain our leadership in the market.
"With this new agreement, we are further strengthening our long-standing partnership with Air Canada, As international travel continues to recover, this expanded partnership will provide an enhanced experience for all transborder travel."
-Patrick Quayle, Senior Vice President of Global Network Planning and Alliances at United.
Customers who search for flights between the U.S. and Canada on United's or Air Canada's websites and apps will find more flight options scheduled at more convenient times. Codeshare between the two carriers will also be expanded and members of both the MileagePlus and Aeroplan programs will have more accrual and redemption options.
In 2019, the U.S.-Canada transborder market was the second largest international passenger air transportation market in the world and the largest international market for both Canada and the U.S., as measured by seats.
Air Canada and United already cooperate in the transborder market, according to the terms of their existing U.S. antitrust immunity. Under the joint business agreement, subject to compliance with U.S. and Canadian regulatory and antitrust requirements, the two airlines will now be able to,
Coordinate their networks and schedules, enabling the carriers to offer customers more choice, including more flights throughout the day and more access to each airline's seat inventory.
Enhance codeshare on transborder flights, excluding certain U.S. leisure markets and territories. The carriers anticipate customers will be able to connect to 46 transborder codeshare destinations with more than 400 daily frequencies in 2022 – with opportunities to add more codeshare destinations for domestic routes within Canada and the U.S.
Sell seats on each other's transborder flights and share revenue on flights between hub markets (where regulatory authorities and antitrust requirements allow), allowing the carriers to grow their overall capacities.
Align customer policies for greater consistency and enable the seamless provision of onboard products, establish airport co-locations where available and provide extra value to each carriers' frequent flyer programs.
Allow the two carriers to work closer together to advance their sustainability objectives.
The implementation of an expanded partnership builds on the existing close cooperation of the two carriers and previously acquired regulatory approvals. United and Air Canada are also founding members of Star Alliance and a transatlantic joint business agreement with the Lufthansa Group.
About Air Canada
Air Canada is Canada's largest airline, the country's flag carrier and a founding member of Star Alliance, the world's most comprehensive air transportation network celebrating its 25th anniversary in 2022. Air Canada provides scheduled passenger service directly to 51 airports in Canada, 51 in the United States and 86 internationally. It is the only international network carrier in North America to receive a Four-Star ranking from Skytrax, which in 2021 gave Air Canada awards for the Best Airline Staff in North America, Best Airline Staff in Canada, Best Business Class Lounge in North America, and an excellence award for managing COVID-19. Through its leading travel loyalty Aeroplan program, Air Canada offers the ability to earn or redeem points on the world's largest airline partner network of 45 airlines, plus through an extensive range of merchandise, hotel and car rental rewards. Its freight division, Air Canada Cargo, provides air freight lift and connectivity to hundreds of destinations across six continents using Air Canada's passenger flights and cargo-only flights with its fleet of Boeing 767-300 freighters. Air Canada has committed to a net zero emissions goal from all global operations by 2050.
United's shared purpose is "Connecting People. Uniting the World." From our U.S. hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C., United operates the most comprehensive global route network among North American carriers. United is bringing back our customers' favorite destinations and adding new ones on its way to becoming the world's best airline. For more about how to join the United team, please visit www.united.com/careers and more information about the company is at www.united.com. United Airlines Holdings, Inc., the parent company of United Airlines, Inc., is traded on the Nasdaq under the symbol "UAL".
DESTINATION AND TOURISM,INDUSTRY OUTLOOK
Internova Travel Group | July 05, 2022
Dream destinations, multigenerational vacations and a desire for unique experiences are some of the trends driving luxury travel for the summer in 2022, according to travel advisors from the Global Travel Collection (GTC).
The United Kingdom tops the list of international destinations booked by GTC travel advisors, a spot it's held for the last five years. Other places in the top 15 include Italy, France, Israel, Spain, Switzerland, Mexico, the United Arab Emirates, Greece and Germany, followed by South Africa, Ireland, Australia, the Dominican Republic and Portugal.
Luxury travel advisors with GTC brands report that their clients are excited to travel again, with some booking multiple trips. And they're willing to spend more to get the vacation experience they want. But that high demand is driving up prices, and hotels are stretched thin due to staffing shortages, limiting availability.
"Europe is in high demand this summer, with destinations like Greece, Spain, Portugal and Italy the most booked, My luxury travel clients do a combination of experiences, like cooking classes, hiking/biking excursions and immersive activities connecting them to the place, as well as making sure they have dining reservations at the top spots."
-Tiffany Bowne, with All Star Travel Group, a brand within Global Travel Collection.
Carolyn Consalvo, with Global Travel Collection's Andrew Harper, remarked that beach vacations and Alaska cruises are very popular. "I would say most people are looking for destinations where they can be outdoors a majority of the time," she said.
"Bucket lists are becoming to-do lists,Many of my clients want to travel to their dream locations," with destinations as varied as the Maldives, southern Italy's Amalfi coast, Australia and Hawaii.
-Shayna Mizrahi, with In The Know Experiences, also part of Global Travel Collection
Remote work has also opened up new possibilities, she added. "The demographics of my most active luxury travelers today are young professionals, who now can work remotely from anywhere and are choosing to combine this with unique luxury trips.
Luxury travelers are eager to make up for the time they couldn't spend seeing the world with friends and family over the past two years.
I'm doing multiple multigenerational trips — grandparents not wanting to miss any more time and taking their family on an unforgettable trip of two to three weeks, said Diana Castillo, with Protravel International of Global Travel Collection.
Laura Triebe, also with Andrew Harper, is also handling more requests for multigenerational vacations and bucket-list destinations like Hawaii and Africa. I think the client that calls now is more serious about traveling and is willing to adjust to an ever-changing world.
With rising prices and limited availability in some vacation spots, luxury advisors are putting their skills and experience to the test.
Clients are willing to pay to get what they want," and that includes upgrading their accommodations, said Michelle Summerville, with In The Know Experiences. More people want to travel in the best way possible, better than they have in the past," she said.
The greatest challenge in selling luxury travel right now is the severely limited space and availability for flights and hotel rooms in the most desirable destinations, said Leslie Tillem, with Tzell Travel Group of Global Travel Collection. We are seeing extraordinary demand in luxury travel across the spectrum, leading to a lack of availability at any price.
Bridget Kapinus, with Andrew Harper, concurs. Demand is high for last-minute travel. She's also contending with factors like a scarcity of hotel rooms and higher costs for flights.
Travelers who had never used an advisor before started to seek them out to help navigate COVID-19 entry and testing requirements. Now, they're sold on the value of a travel professional.
"Your time is precious, and you want the assistance of an expert to help you plan your vacation, said Angie Licea, President of the Global Travel Collection. Our luxury travel advisors have years of experience putting together trips for their clients, as well as firsthand knowledge of the world's most popular destinations. They stay on top of the trends in luxury travel and deliver concierge-level service. Plus, travelers have the comfort of knowing that there's a human being they can call whenever they have a question or concern.
My travels throughout these past 18 months have been our best marketing,said Castillo, of Protravel International. "We have shown our clientele that travel can be pleasant and enjoyable and that we can help set up all the requirements they may need in order to make their vacation seamless.
Mizrahi, with In The Know Experiences, has also been sharing details about her travels, something her clients appreciate immensely. Her firsthand experience "is something that no Google search or website can provide.
About Global Travel Collection
Global Travel Collection (GTC), a division of Internova Travel Group, is the world's largest collection of international luxury travel agencies, including the well-established networks of Protravel International, Tzell Travel Group, and Colletts Travel, as well as Andrew Harper, In the Know Experiences, All Star Travel Group and R. Crusoe & Son. GTC advisors and agencies are industry leaders in providing premium travel services to leisure travelers, corporate executives and the entertainment industry. The combined global reach and leverage translates into value, recognition, and preferential treatment for its world travelers.
About Internova Travel Group
Internova Travel Group is one of the largest travel services companies in the world with a collection of leading brands delivering high-touch, personal travel expertise to leisure and corporate clients. Internova manages leisure, business and franchise firms through a portfolio of distinctive divisions. Internova represents more than 70,000 travel advisors in over 6,000 company-owned and affiliated locations predominantly in the United States, Canada and the United Kingdom, with a presence in more than 80 countries.