United Kingdom
United States
Asia Pacific
Lastminute takes 20% stake in German website
Lastminute.com has said it aims to create the leading online travel company in Germany through its investment and partnership with Lufthansa City Center’s online subsidiary LCC24.
Lastminute has bought an initial 20% stake in LCC24 for £2.4m which will be financed through the issue of 2,804,136 new shares at an average price of £0.85 per share. Its stake in the company could increase over the next three years depending on the future performance of lastminute.com’s German site and lcc24.com.
The website technology for lcc24.com will be provided and managed by lastminute. According to lastminute one of the main benefits of the deal is the fact that Lufthansa City Center have 530 German franchised travel agencies, providing access to 4 million customers across 300 German cities. Along with marketing benefits, Lufthansa City Center has said it will provide customers of lastminute.com’s German site and lcc24.com access to its agencies for the collection of tickets and travel wallets.
Lastminute.com chairman Allan Leighton said: “Lufthansa City Center provides a superb partner to our German business. The blend of their offline skills together with our knowledge of the online world will provide an unbeatable combination for Germany giving our customers even greater confidence in one of the largest travel brands in the market.”
The deal follows lastminute’s £9 million acquisition of flights provider Travelselect in April.
See our previous stories:
10 May 2002: Lastminute reaches profitability in the UK and France
08 Apr 2002: Lastminute buys Travelselect for £9m
19 Mar 2002: The TravelMole Interview: Helen Baker, Lastminute.com
25 Feb 2002: Rapid secures lastminute.com technology deal
30 Jan 2002 lastminute.com announces Japan joint venture
Related News Stories:
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Tricia Handley-Hughes of Inteletravel announces the location for the TravelQuest 2025 conference
Insights from James Ferrara on Inteletravel’s Growth and Future
Tricia Handley-Hughes on Inteletravel’s Growth and Challenges
Tony from Gatto’s Pizza on Columbus’s Unique Pizza Trail
Sophia Hyder Hock on Global Social Inclusion in Tourism
Woman dies after getting ‘entangled’ in baggage carousel
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
BA pilot dies during layover
Boy falls to death on cruise ship