FCm Travel Solutions parent company Flight Centre Limited of Australia reached a tentative agreement with Pacific Equity Partners

on "a proposed leveraged joint venture." PEP would purchase a 30 percent stake in the venture for A$1.1 billion (US$916 million) and would increase its minority holding to one third "if the business achieves certain targets." Flight Centre said "the leveraged joint venture will not affect the travel agency business's day-to-day operations."