AirAsia to acquire stake in digital platform Touristly

AirAsia ​plans to acquire a 50% stake in online travel planner Touristly Travel (Touristly) through an asset injection and loan deal valued at RM11.5 million.AirAsia Group CEO, Tony Fernandes will serve as chairman of the board for Touristly upon completion of the acquisition. The transaction ​will see AirAsia inject the digital platform of its Travel 3Sixty inflight magazine, valued at RM6.5 million, into Touristly via AirAsia Investments.The digital platform comprises the online brand for the Travel 3Sixty inflight magazine, touchpoints on the website and online advertising assets, which will allow the startup to reach AirAsia's 60 million guests annually. Touristly, which will operate under the Travel 3Sixty brand following this deal, will also gain access to offline advertising assets, including the physical version of the inflight magazine, overhead cabins and seat trays on AirAsia aircraft.According to a press statement, the deal will "strengthen AirAsia's ancillary portfolio" by offering its guests on-ground activities such as restaurants, theme parks, attractions, spas and tours at more than 70 destinations that the airline operates to, stated the company."​Working with AirAsia has been on our minds since our inception. The insight we can gain from AirAsia's 15 years in the travel industry will help us better understand the Asia Pacific market and quickly adapt to deliver real value to our customers,"said ​​Touristly's CEO Aaron Sarma."We see enormous potential in Touristly, which perfectly complements AirAsia's existing travel offering. Our guests will be able to choose from thousands of activities when purchasing a flight and this brings us a step closer to becoming a truly one-stop digital airline," added Fernandes.