Abu Dhabi: Gulf Capital announced the sale of Destinations of the World (DOTW) to Webjet Limited for $173 million (Dh635.4 million). The deal resulted in an IRR (internal rate of return) in excess of 15 per cent making it one of the largest technology exits to date in the Middle East.

Webjet is acquiring DOTW from Gulf Capital, its founder and its management team, according to a statement from Gulf Capital yesterday.

“Gulf Capital has worked very closely with the DOTW management team to build a high-quality global business with a strong market position over the last five years. Under Gulf Capital’s ownership, DOTW has nearly doubled its total transaction value from $279 million in 2013 to an estimated $529 million for the last 12 months to June 2018,” said Dr Karim Al Solh, CEO and Managing Partner of Private Equity at Gulf Capital.

Webjet Limited is an Australian securities exchange listed company involved in digital travel business.