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Lastminute takes full control of Spanish business
Lastminute.com is to pay 6million euros to buy back the 70% share in its Spain operation from its former joint venture partner Sol Melia.
The company said the deal would allow it to integrate lastminute.com Spain with Travelprice Spain which it bought in July to take full advantage of the Spanish online market.
Instead of a joint venture Sol Melia and lastminute will now share “an enhanced strategic commercial agreement” which will see Sol Melia become the first hotel chain to add lastminute’s dynamic packaging tools to its website solmelia.com. This will allow users to create packages using lastminute’s flights portfolio and Sol Melia hotels.
lastminute chief executive Brent Hoberman said: “The repurchase of lastminute.com Spain will allow us to fully integrate our businesses in Spain and more aggressively target the Spanish market growth opportunity.”
Lastminute and Sol Melia entered into the joint venture in August 2001.
More on this story in tomorrow’s TravelMole, which features an interview with Sol Melia’s managing director of investor relations Jaime Puig
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