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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
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