Flight Centre rallies on the back of Iglu Cruise acquisition

The news: Flight Centre was the top performing stock across the ASX 200, advancing 0.88 points or 6.30% to $14.85 per share as of 11:05am AEDT.

The context: Flight Centre rallied in the early hours of trade on the back of an announcement overnight that it is acquiring a British online cruise agency, Iglu in a bid to accelerate growth and boost its presence across the high-margin cruise sector.

The acquisition gives Iglu a GBP122 million ($244.68 million) enterprise value and is set to boost Flight Centre’s cruise-related total transaction value to over $2 billion annually by FY26.