DESP - Despegar.com to acquire Viajanet Brazilian online travel agency

Despegar.com (NYSE:DESP -3.0%) to acquire TVLX Viagens e Turismo S.A, one of the leading online travel agencies in Brazil, for a total consideration of ~$15M and subject to customary closing conditions. Under the terms of the agreement, 60% of the purchase price will be payable at closing, 20% in 24 months and the remaining 20% in 36 months. Viajanet recorded audited revenues of ~$30M in 2019. Viajanet’s online sales accounted for ~98% of total sales, with 88% of gross bookings originated in the B2C channel and the remainder via the B2B channel.  Transaction is expected to take place in Q2 2022.

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Despegar.com to acquire Viajanet, Brazilian online travel agency