The Tánaiste and Minister for Enterprise, Trade and Employment Ms Harney, today signed an order conditionally approving the proposed takeover of USIT World plc by STA Travel.
The proposal involves the acquisition by the largest student travel group in the world (STA) of the second largest (USIT). USIT is the main student and youth travel specialist in Ireland while STA has an agency relationship here with two small student travel operators - SAYIT - based at Dublin and Cork - and DUST - based at Trinity College.
The Tánaiste said that she had accepted the recommendation of the Competition Authority that the proposal should be allowed to precede with conditions attached.
The Competition Authority recommended approval subject to two conditions. The conditions sought:
(a)To protect competition in the student travel sector by ensuring supply of products from STA Travel to SAYIT and DUST, and
(b)To modify a clause of the sale and purchase agreement between the parties in relation to Mr Gordon Colleary
To give effect to her decision, the Tánaiste has made an Order under Section 9 of the Mergers, Take-overs and Monopolies (Control) Act, 1978, (as amended) giving conditional clearance to the Merger.