• FLT enters binding agreement to sell its 47% stake in Pedal Group to Turner Collective
• Transaction aligns with FLT's portfolio simplification and strategic reallocation toward core travel businesses
• Independent Expert assessed the terms as fair and reasonable

Flight Centre Travel Group (ASX: FLT) 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 is subject to FLT shareholder approval and regulatory conditions, values FLT's interest in the JV at $61.7 million and is expected to complete next month. Pedal Group consists of the 99 Bikes retail chain and wholesaler Advance Traders Australia. The transaction is unanimously supported by FLT's independent directors and represents a further step in the company's ongoing portfolio simplification and strategic reallocation program. Over recent periods, FLT has been actively reshaping its portfolio by divesting non-core assets, closing underperforming brands, selectively pivoting businesses and fast-tracking growth in key sectors such as cruise and meetings and events to sharpen strategic focus and returns. FLT non-executive chairman Gary Smith said these actions were intended to concentrate capital and management attention on core travel platforms and long-term growth priorities. An independent expert has also assessed the proposed transaction and concluded that the terms are fair and reasonable. If completed, the transaction is expected to result in an accounting gain for FLT in the order of $15 million, with no cash tax impact anticipated.