Lastminute spending spree continues

Monday, 22 Jul, 2002 0

Lastminute is to strengthen its position in Europe with the £32million purchase of rival Travelprice.com.

According to lastminute, the deal will confirm its place as the leading online travel and leisure group in France and also secure it the same position in Italy.

Lastminute is taking a leading role in recent consolidation in the online travel sector. The latest announcement follows its recent purchase of Destination Holdings along with flights provider Travelselect.com. In addition Lastminute is also believed to have been in recent takeover talks with Online Travel Corporation.

Travelprice.com offers customers online access to flights and package holidays in France, Italy, Spain and Belgium. During 2001 around 65% of its bookings were ‘initiated online’ with sales support provided by a call centre outside Paris.

Chief executive Brent Hoberman said: “The combination of lastminute.com and Travelprice.com further enhances lastminute.com’s leadership in both France and Italy. This broadens our supply base, leverages substantial cost and margin synergies and provides a significant improvement in the supply for customers.”

Lastminute said it will finance the deal by issuing up to 34,645,088 new shares of 1p each. Travelprice chief executive Roland Coutas will join lastminute’s executive committee with effect from 1 March, 2003. Mr Coutas will also be President of the Supervisory Board of the combined French businesses.

See our previous stories:
05 Jul 2002: OTC takeover talks off – for now
04 Jul 2002: Lastminute to buy OTC?
14 Jun 2002: Lastminute acquisition pleases City
10 Jun 2002: Lastminute takes 20% stake in German website
08 Apr 2002: Lastminute buys Travelselect for £9m
19 Mar 2002: The TravelMole Interview: Helen Baker, Lastminute.com

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