Sabre sells lastminute.com for $120m to Bravofly Rumbo
Sabre Corporation and Bravofly Rumbo Group have announced today that Bravofly has made a binding offer to acquire lastminute.com.
Acceptance of the offer is subject to the completion of employee information and consultation processes, following which closure would be expected to occur in the first quarter of next year.
In August, Sabre announced it was exploring strategic options for lastminute.com to support its strategy to increase focus and investment in its core technology businesses; Travel Network, Airline Solutions and Hospitality Solutions.
Sabre is the largest provider of services to the global consumer online travel sector and handles over a third of the world’s travel agency transactions.
The potential acquisition is part of Bravofly Rumbo Group’s growth plans to select and integrate valuable assets, and would represent a significant step forward in the Group’s long-term strategy to help people get the best travel experience.
Under the terms of the offer, Bravofly Rumbo Group would acquire all of lastminute.com’s principal global operations located in the UK, France, Germany, Spain and Italy, reaching an expected combined gross travel value of nearly €2.5 billion and revenues of over €260 million.
The value of the potential transaction for Sabre is approximately US $120 million, resulting primarily from the transfer of commercial liabilities and additionally the value of an expanded long-term commercial agreement, in which Bravofly Rumbo Group’s brands and lastminute.com would continue to use the Sabre global distribution system.
The transaction would not have a material effect on Bravofly Rumbo Group’s net cash position.