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Lastminute.com Gets A Ticket To Ride

David Utter
Expert Author
Published: 2005-05-12

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US-based Sabre Holdings, the operators of Travelocity.com, purchase the British-based travel company for over $1 billion USD.

The British discount travel agency Lastminute.com represented the British arm of the dot-com era. But the subsequent bust left the company without a leg to stand on, prompting its sale to the American company.

Boards for the respective companies agreed on an all-cash deal. Though the British company says it remains open to a counter-offer, the Travelocity package will likely be the winner.

A European subsidiary of Sabre Holdings, Travelocity Europe, will complete the acquisition for the parent company.

Lastminute.com rode the dot-com boom to astonishing heights in the British markets, before the party ended and the company became worth mere pennies on the dollar. But the company did have enough value to motivate the Sabre purchase.

"We're extremely pleased with the prospect of having Lastminute.com, with its highly-regarded brand and well-established customer base, as a part of our Travelocity division," Sabre Holdings chairman Sam Gilliland said in a statement.

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About the Author:
David Utter is a staff writer for WebProNews covering technology and business. Email him here.

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