Bravofly Rumbo Group has made a binding offer to acquire lastminute.com from Sabre Corporation.
The transaction is worth approximately US$120 million for Sabre, which announced in August it wanted to sell off the online travel agent to focus on its core technology businesses.
Under the deal Switzerland-based Bravofly would acquire all of the online travel agent’s operations in the UK, France, Germany, Spain and Italy and would continue to use Sabre’s global distribution system. Combined the business is expected gross travel value of nearly EUR2.5 billion and revenues of more than EUR260m.
The offer is subject to employee information and a consultation process, with the deal expected to close in the first quarter of 2015.
When completed the acquisition will boost Bravofly’s portfolio to eight businesses, which include the Bravofly, Rumbo, Volagratis, JetCost, Crocierissime, Viaggiare and Viajar brands.
“lastminute.com is the perfect fit for Bravofly Rumbo Group. Its business complements and expands our offering in Europe and, with its strong presence in the hotel and vacation sector, diversifies our product revenue streams. We believe in the value and strength of lastminute.com’s iconic brand, which is recognized by more than 90 percent of European consumers,” said Fabio Cannavale, chairman of Bravofly Rumbo Group.