The deal includes all three of the company's brands – Iglu Cruise, Planet Cruise and Iglu Ski – and is expected to be concluded on Thursday (11 December).
With Iglu joining FLT and its growing number of brands, FLT's cruise-related total transaction value (TTV) is expected to almost double to surpass $2 billion during its financial year 2026 – two years ahead of plan.
Cruise sales at FLT and Iglu have jumped between 15% and 20% year-on-year, thanks to a "a resilient customer base and a supply chain that is investing heavily in new ships and partnerships", the FLT announcement to the Australian Securities Exchange said.
FLT's UK leisure portfolio now includes Flight Centre, Scott Dunn and Cruise Club UK. The portfolio is expected to deliver more than $1.5 billion in TTV during this current financial year.
Once the acquisition has been concluded, Iglu chief executive David Gooch will continue to lead the business, which was founded in 1998 and will now form part of FLT's global leisure division under chief executive James Kavanagh.
Gooch said: "This deal opens up significant future growth opportunities, allowing us to scale our operations while maintaining the unique identity that has made us successful.
"By leveraging Iglu’s world-leading e-commerce platform alongside Flight Centre’s global experience, we are perfectly positioned to capture new market share."
He added: "Most importantly, the strong cultural fit between our businesses gives me great confidence that we will continue to deliver exceptional value to our customers, suppliers and people.”
Outgoing Iglu founder and non-executive chair Richard Downs reflected on his 27 years at the helm at the company.
He said: “It’s been a remarkable journey of resilience, creativity and technical innovation, since I started Iglu in a small office in Baker Street with a dedicated team.
"I’m delighted to see Iglu, now the dominant European online retailer of cruise and ski holidays, become a hugely valued part of one of the largest travel companies in the world.”
FLT managing director Graham Turner added: “This acquisition delivers immediate shareholder value through EPS accretion and is a game-changer in terms of the future opportunities it unlocks in the global cruise market. Iglu brings a strong brand and a scalable technology platform that aligns with FLT’s strategic objectives.”
