Wishlist is Australia's largest provider of employee reward and gift card programs. 

Qantas announced it will be moving into online retail with the deal. Qantas will operate a subsidiary that manages the reward programs for more than 80 companies, including ANZ, Optus and Telstra. 

It is understood that Wishlist has more than $30 million in revenue, SmartCompany reports.

QFF head Simon Hickey told The Australian Financial Review that the move into online retail will be bolstered by more potential acquisitions during the rest of the year. 

"This was an acquisition which was designed to get us into a market. It's a different market, but leveraging the same capabilities," he said. 

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DLA Piper's advice on the transaction involved representing and managing the interests of 37 individual sellers.

The DLA Piper team was led by Melbourne-based corporate partner Mark Burger and senior associate Andrew Crean.  Also working on the deal were corporate partners James Newnham and Dr Gerry Bean, special counsel Jonathan Ackerman, litigation and regulatory partner Stephen Sawer and consultant Peter Rashleigh.

"It was a multifaceted deal, given the number of stakeholders involved, but has resulted in a positive outcome for both parties," said Burger.