SABRE Holdings has confirmed it is to acquire
Lastminute.com for £577 million.
Sabre Holdings subsidiary Travelocity Europe has made an offer of
165p per share offer for Lastminute.
Following the completion of the acquisition Lastminute chief
executive Brent Hoberman will become chief executive of the
combined Lastminute and Travelocity European operations, reporting
to president and chief executive of Travelocity Michelle Peluso.
Travelocity Europe president Damon Tassone will become deputy chief
executive, reporting into Hoberman.
Speaking this morning, Tassone said Travelocity would now evaluate
its brands in each country with a view to rolling out Lastminute as
the key brand in its European markets. He admitted the combined
business would look at cost-saving opportunities.
The deal is expected to be completed by mid-July, following
approval of the deal by 75% of Lastminute’s shareholders at an
extraordinary general meeting.