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Benzinga
Benzinga
Business
Shivani Kumaresan

Despegar Agrees To Acquire Brazilian Travel Agency Viajanet For $15M

  • Online travel company Despegar.com Corp (NYSE:DESPhas 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.
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