LASTMINUTE.COM is to buy Holiday Autos in a cash plus shares
deal worth £39.7 million.
The car rental broker, which was founded above a Saville Row
tailors in 1987, is the latest high-profile acquisition for Lastminute. In the
last year it has bought rival Travelselect.com, owner of Globepost, and the
The initial deal will see Lastminute issue new shares and
hand over £16 million in cash.
Holiday Autos co-founder and current chairman and chief
executive Clive Jacobs will become executive director and vice-chairman of
Lastminute and pick up an additional £1.6 million loyalty bonus if he remains
with the merged business for a year.
Lastminute claimed it would be able to find savings of at
least £4 million. The combined group will have a turnover of £400 million.
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