Dotcom darling Lastminute.com changes hands for $120 mln
16/12/2014 16:07
LONDON, Dec 16 (Reuters) - Lastminute.com, a company that
came to symbolise the rise and fall of Internet firms in the
dotcom bubble, is to be bought by Swiss online travel company
Bravofly Rumbo Group BRGF.S , for about $120 million, owner
U.S. company Sabre Corp SABR.O said.
In 2000 the group was worth 768 million pounds after a
flotation which coincided with the high-water mark of the
Internet bubble, when companies in any way related to the web
were valued far in excess of typical measures using turnover and
earnings.
Its IPO came four days after the tech-focused U.S. Nasdaq
index peaked at 5,132 points.
Within weeks its shares had fallen to below 190 pence, and
it didn't post a pretax profit for another three years. It was
sold to Sabre, the owner of Travelocity, for about 600 million
pounds in 2005, which put it up for sale in August this year.
The online travel market has evolved since lastminute.com
was founded, with websites like Skyscanner, Booking.com and
Expedia able to comb fares from multiple providers to offer
customers better deals.
Bravofly, which listed in Switzerland earlier this year,
said lastminute.com was a good fit for its plan to expand in
Europe.
"We believe in the value and strength of lastminute.com's
iconic brand, which is recognised by more than 90 percent of
European consumers," Bravofly chairman Fabio Cannavale said in a
statement on Tuesday.
Founded by Martha Lane Fox and Brent Hoberman in 1998, the
website sells last-minute holidays, flights, event tickets and
restaurant deals.
($1 = 0.6345 pounds)
(Reporting by Paul Sandle and Sarah Young, editing by David
Evans)
((sarah.young@thomsonreuters.com; +44 20 7542 1109; Reuters
Messaging: sarah.young.thomsonreuters@reuters.net))
Keywords: BRAVOFLY M&A/LASTMINUTE