- Online travel company Despegar.com Corp DESP has agreed to acquire TVLX Viagens e Turismo S.A (Viajanet), a Brazilian online travel agency, for about $15 million.
- Under the terms of the agreement, 60% of the purchase price will be payable at closing, 20% in twenty-four months, and the remaining 20% in thirty-six months.
- Viajanet recorded revenues of about $30 million in FY19.
- 98% of Viajanet’s gross bookings were within the Air segment of Brazil's travel market, giving Despegar scope to cross-sell its accommodation and other non-air product inventory to Viajanet's existing customers.
- DESP expects to close the transaction in the second quarter of 2022.
- Despegar held $279.2 million in cash and equivalents as of December 31, 2021.
- Price Action: DESP shares are trading higher by 0.20% at $9.97 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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