lastminute.com Announces Partnership with German Online Travel Agency

lastminute.com, the online provider of travel and leisure solutions,
today announces the formation of a strategic partnership in Germany
with LCC24, the newly established online travel agency for Lufthansa
City Center, with a view to creating the largest online travel agency
in Germany.


Effective immediately lastminute.com
will acquire 20% of LCC24 for a
consideration of £2.4 million, satisfied by the issue of 2,804,136
new shares in lastminute.com at an average price of £0.85 per share.


Highlights of the transaction:

* Lufthansa City Center will strengthen the already established
  position of lastminute.com GmbH with offline and in-store marketing
  in its 530 German franchised travel agencies. This will provide
  access to 4.0 million customers in 300 major cities in Germany

* Lufthansa City Center and lastminute.com will jointly source and
  distribute product covering both the time sensitive segment and the
  full service travel agency making available to both companies the
  advantages of scale and special purchases that Lufthansa City
  Center have negotiated

* Lufthansa City Center will provide customers of lastminute.com GmbH
  and lcc24.com access to its 530 travel agencies and kiosks for the
  collection of tickets and travel wallets

* lastminute.com will provide and manage the website technology for
  lcc24.com

* Lufthansa City Center commits to exclusively migrating its existing
  offline business onto the online platform through lcc24.com
. The
  turnover for Lufthansa City Center for the year to 31 December 2001
  was in excess of EUR1.6 billion.

* lastminute.com immediately acquires a 20% shareholding in LCC24,
  with the potential to build a larger position over time

During the next 3 years lastminute.com`s shareholding in LCC24 may
  increase as part of a framework, dependent on the performance of
  lastminute.com GmbH and lcc24.com, designed to strengthen the
  relationship between the two companies. Brent Hoberman and Martha
  Lane Fox immediately become members of the Supervisory Board of
  LCC24.

 
Application has been made to the UK Listing Authority for the
  shares to trade on the London Stock Exchange and to be admitted to
  the Official List. Dealings in the shares are expected to commence
  on 12 June 2002.

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Allan Leighton, Chairman of lastminute.com said:

  “Lufthansa City Center provides a superb partner to our German
  business. The blend of their offline skills together with our
  knowledge of the online world will provide an unbeatable
  combination for Germany giving our customers even greater
  confidence in one of the largest travel brands in the market.”

 
Brent Hoberman
, Chief Executive of lastminute.com said:

  “Germany is the largest travel market in Europe and this
  partnership ensures that we are extremely well placed to maximise
  the potential it presents. We have a great opportunity to grow our
  business substantially working with such an excellent and well
  established partner.”

  Hemjo Klein, Chairman of LCC24 said:

  “We are extremely pleased to partner with such a progressive and
  successful online Group as lastminute.com. We see the German online
  travel market growing rapidly in the near future and we are placed
  in an excellent position to take advantage of that growth in an
  ideal partnership”.

Related stories on ITN:

(01/02/2002) Lastminute to Offer Internet Services to Japanese Consumers


(21/09/2001) Lastminutetravel.com Goes on America Online

(14/06/2001) Lastminute.com Signs Pan-Europe Deal With Alitalia

(23/03/2001) Lastminute Launches in South Africa

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