Webjet (ASX:WEB) continued its strong share price performance over the past year to finish the June quarter higher still. In May, WEB announced an operational update that confirmed strong performance from both its digital retail (B2C) and digital wholesale (B2B) divisions. It followed up a fortnight later by announcing the complementary acquisition of Online Republic, a global online travel group operating four key divisions: Car Rental Republic (#2 position in Aust and NZ), Motorhome Republic (#1 worldwide), Cruise Republic (#1 in Aust and NZ) and Search Republic (a digital marketing consultancy). The strategic rationale for the deal is sensible in that the business is highly complementary to WEB’s existing portfolio, leveraging capabilities into new travel and leisure segments. Webjet is a capital-light business that continues to benefit from a structural shift as consumers increasingly book travel-related activities online with trusted operators and user-friendly services. We increased our holding in WEB during the quarter.(VIEW LINK)