The deal includes buying four helicopters and first option to buy four helicopters each year from SEL for the next three years.
Queenstown businessman and former chairman of Destination Queenstown, Mark Quickfall decided to buy back Totally Tourism (TTL) after the SEL board decided that it no longer ''complemented its growth strategy'' earlier this year.
Mr Quickfall and his wife Jackie sold the company to SEL in 2011.
Mr Quickfall, who had been chairman of SEL since 2014, subsequently made an offer for TTL under his newly formed company, Omni Tourism.
Attendant with the conditional acceptance of the offer by SEL, in July he resigned his chairmanship and other SEL group linked directorships.
The Quickfalls founded TTL 20 years ago, growing it into a successful aviation, adventure and marine tourism business focused on sightseeing options across the South Island.
Its underlying tourism businesses include The Helicopter Line and Glacier Helicopters, Mitre Peak Cruises, Milford Sound Scenic Flights, Raft Challenge Rafting and Harris Mountains Heli-Ski.
Commenting on the acquisition Mr Quickfall said it would be ''business as usual''.
''We don't foresee any changes to operations or reporting lines, other than exploring how we can make improvements to operations, systems, delivery and performance,'' he said.
