A binding offer for the online travel site was made in December 2014, and the deal has now been sealed following an employee consultation process.
The transaction will see Switzerland’s Bravofly acquire all of lastminute.com’s global operations in the UK, France, Germany, Spain and Italy, in a deal worth approximately US$120 million.
“We are at the beginning of a new, exciting and unconventional phase in which we have the opportunity to build a long-lasting, successful business story,” said Fabio Cannavale, chairman of Bravofly.
“lastminute.com’s… brand combined with our capability to execute is a cornerstone that will empower our teams to do their best, be spontaneous and achieve our ambitious target to be the unconventional leader of the European market.”
Cannavale added that Bravofly will now “position lastminute.com as the group’s main brand”.
The decision to sell lastminute.com forms part of Sabre’s strategy to focus on its core travel technology businesses. Already this year it has completed the sale of Travelocity to Expedia for US$280m.
But the company said it would “remain a key provider of services to the global consumer online travel sector”.