Bravofly makes $120 million bid to take lastminute.com off Sabre’s hands

Bravofly Rumbo Group has made an offer to buy lastminute.com from Sabre Corporation for $120 million.

Bravofly Rumbo Group has made an offer to buy lastminute.com from Sabre Corporation for $120 million.

Acceptance of the offer is subject to the completion of employee information and consultation processes.

Once this has taken place the buyout is expected to be completed in quarter one of 2015.

In August, Sabre announced it was exploring strategic options for lastminute.com including a sale, a possibility that had long been rumoured to be an option.

Fabio Cannavale, chairman of Bravofly Rumbo Group, said: “Lastminute.com is the perfect fit for Bravofly Rumbo Group.

“Its business complements and expands our offering in Europe and, with its strong presence in the hotel and vacation sector, diversifies our product revenue streams.

“We believe in the value and strength of lastminute.com’s iconic brand, which is recognized by more than 90 percent of European consumers.”

Sabre said under the terms of the offer, Bravofly Rumbo Group would acquire all of lastminute.com’s principal global operations located in the UK, France, Germany, Spain and Italy, reaching an expected combined “Gross Travel Value” of nearly €2.5 billion and revenues of over €260 million.

The deal would see the transfer of commercial liabilities and includes the value of an expanded long-term commercial agreement, in which Bravofly Rumbo Group’s brands and lastminute.com would continue to use the Sabre global distribution system.

In a statement Sabre said the transaction would not have a material effect on Bravofly Rumbo Group’s net cash position.