TRAVELOCITY Europe’s £577 million purchase of online agency Lastminute.com has been completed today.
Lastminute, which was launched at the height of the dot-com boom by Brent Hoberman and Martha Lane Fox in 1998, will be the group’s lead brand in most of Europe including the UK.
The deal sees Lastminute chief executive Hoberman take over the running of the larger organisation, reporting to Travelocity president and chief executive Michelle Peluso. Travelocity Europe president Damon Tassone will take over the position of deputy chief executive reporting to Hoberman.
Lastminute chief operating officer Ian McCaig will take over as group managing director.
Sabre Holdings chief executive and president Sam Gilliland said: “The addition of Lastminute to the Sabre portfolio of travel companies significantly extends our role as a travel retailer. It positions us as the leader in the fast-growing European market.”
Hoberman said: “The deal marks the beginning of a new chapter. It gives us global reach and enables us to offer a wider product range.”
Lastminute has acquired 14 companies in the last three years, including Online Travel Company, Gemstone Travel and Medhotels, and employs 2,000 people in Europe.