Shareholders at Tourism Holdings Limited have unanimously approved a merger with two rival campervan rental companies.
THL has acquired two of its rivals, United Campervans and Kea Campers, in a deal worth $69.5 million.
Tourism Holdings' Chairperson, Keith Smith, says the merger will allow it to cut down an oversupply of campervans.
"Partly due to the high New Zealand dollar and the economic situation in UK (and) Europe high-end tourism numbers from those markets are just not travelling down to New Zealand and from that point of view there is an over-capacity in the market, and it just makes sense to merge these three businesses."
