India, April 7 -- Flight Centre Travel Group (FLT.AX) announced that it has entered into a binding agreement to divest its shareholding in the Pedal Group cycle joint venture (JV) to the Turner Collective. The agreement, which remains subject to FLT shareholder approval and regulatory conditions, values FLT's interest in the JV at A$61.7 million. Completion of the transaction is expected next month.
Pedal Group comprises the 99 Bikes retail chain and wholesaler Advance Traders Australia. The divestment has received unanimous support from FLT's independent directors and marks another step in the company's ongoing portfolio simplification and strategic reallocation program.
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