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May 15, 2005

Travelocity buys Lastminute.com

Lastminute.com, the online retailer has agreed to a £577m takeover by Sabre Holdings, the owner of the Travelocity's online travel business. Lastminute shares have increased by 53% since news of the approach was revealed.

Lastminute.com's co-founders, Brent Hoberman and Martha Lane Fox, will receive £40m between them for their shares in the business.

Founded in 1998, Lastminute.com specialises in selling last-minute bookings for a range of services, including holidays and flights.

The company's stock market value grew to over £800m after its 2000 floatation. Following this, the company expanded rapidly until the technology bubble burst.

Lastminute's board will recommend the Sabre bid to its shareholders, and if approval is secured, the contract should be completed by July. The business will become part of Travelocity's European operation, and will continue to be managed by Chief executive Brent Hoberman.

Travelocity recorded over seven million customers in 2004, with over £990m in transactions. In the six-months to May 2005, total transactions increased by 57% to £512m. In comparison, Lastminute recorded a loss of £77m in 2004.

Lastminute will become Travelocity's principal global retail travel brand.

Posted by at May 15, 2005 10:07 PM

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