Feeds

Travelocity buys Lastminute.com for £577m

Hooks up with Travelocity

  • alert
  • submit to reddit

Top 5 reasons to deploy VMware with Tegile

Lastminute.com is to be snapped up by US travel giant Sabre for £577m, the one-time dotcom darling confirmed today.

News to the buy-out comes less than 24 hours after Lastminute.com announced it had "received an approach which may or may not result in an offer being made for the Company" - prompting shares to rocket more than 40 per cent.

Today's offer by Travelocity Europe, a Sabre subsidiary, equates to 165p a share. Before yesterday's leap Lastminute.com's share price had been bumbling along at around 105p.

The deal needs shareholder approval but execs at Lastminute.com are right behind the deal.

Said founder and chief exec Brent Hoberman: "Today's offer from Sabre is an endorsement of the achievements of everyone at lastminute.com. Over the past seven years, we have built a business from scratch into one of Europe's leading travel and leisure groups, with over seven million customers and total transactions worth £992 million for the financial year ended 30 September, 2004."

For Sabre, the pairing of Lastminute.com and Travelocity will boost its presence in Europe particularly in the UK, France, Germany, Italy, Scandinavia and Spain.

By being able to extend its range of content - adding hotels, car hire and gifts to holidays and flights but as well - Travelocity reckons the tie-up "provides greater opportunity to profit from the fast-growing European online segment".

Publishing results for the first six months of the year today Lastminute.com described its performance as "solid". Turnover almost doubled to £222m compared to £111.5m during H1 2004, while pre-tax losses rose from £39.5m to £45.2m. ®

Related stories

Lastminute.com rocks following bid approach
Lastminute asks FSA for fax-checking probe
Lastminute.com loss statement boosts shares
Lastminute.com takes ad rap
Argentina gripped by telecoms strike
Cendant to buy ebookers for $415m - WSJ
Lastminute.com floored by increased losses
Ebookers cuts losses
Lastminute.com chairman calls it quits
Lastminute seeks £13m savings
Potential buyers sniff Ebookers

Beginner's guide to SSL certificates

More from The Register

next story
Bladerunner sequel might actually be good. Harrison Ford is in it
Go ahead, you're all clear, kid... Sorry, wrong film
Musicians sue UK.gov over 'zero pay' copyright fix
Everyone else in Europe compensates us - why can't you?
I'll be back (and forward): Hollywood's time travel tribulations
Quick, call the Time Cops to sort out this paradox!
Euro Parliament VOTES to BREAK UP GOOGLE. Er, OK then
It CANNA do it, captain.They DON'T have the POWER!
Megaupload overlord Kim Dotcom: The US HAS RADICALISED ME!
Now my lawyers have bailed 'cos I'm 'OFFICIALLY' BROKE
Forget Hillary, HP's ex CARLY FIORINA 'wants to be next US Prez'
Former CEO has political ambitions again, according to Washington DC sources
prev story

Whitepapers

Designing and building an open ITOA architecture
Learn about a new IT data taxonomy defined by the four data sources of IT visibility: wire, machine, agent, and synthetic data sets.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
5 critical considerations for enterprise cloud backup
Key considerations when evaluating cloud backup solutions to ensure adequate protection security and availability of enterprise data.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Driving business with continuous operational intelligence
Introducing an innovative approach offered by ExtraHop for producing continuous operational intelligence.