Amsterdam-based Prosus, a global technology company, announced the completion of Despegar, a Latin American online travel agency’s acquisition at a purchase price of $19.50 per share.
The completion comes five months after the initial announcement last year
The announcement comes three months after Prosus reached a conditional agreement to acquire Amsterdam-based Just Eat Takeaway, creating the world’s fourth-largest food delivery group.
The completion of the transaction follows approval by Despegar’s board of directors and shareholders, and receipt of all required regulatory clearances.
The transaction is a major boost for Prosus’s Latin America operations, allowing it to reach over 100 million customers in e-commerce, travel, and fintech.
Prosus: A global consumer internet group
Prosus is a global consumer internet group and one of the largest technology investors in the world. It invests in over 100 companies around the globe, focusing on building strong e-commerce leaders in growing markets.
The company has invested more than $10B in food delivery, showing a strong commitment to this industry. Its food delivery businesses operate in more than 70 countries and serve over 1 million restaurants.
The company fully owns iFood, the top food delivery service in Latin America.
It also has stakes in several major companies: 28 per cent in Delivery Hero, around 4 per cent in Meituan (the largest food delivery company in the world), and 25 per cent in Swiggy, India’s leading food and grocery delivery platform.
Fabricio Bloisi, CEO of Prosus Group says, “With Despegar joining the Prosus family, we’re accelerating our vision to build the most dynamic lifestyle e-commerce ecosystems across Latin America, India, and Europe. By adding Latin America’s top travel platform to our portfolio and leveraging iFood’s scale, our fintech capabilities, Sympla’s events and experiences, and OLX Brazil, we will unlock greater convenience for customers and open exciting new revenue streams. We are redefining lifestyle e-commerce by creating experiences that don’t just meet needs, but anticipate them.”
Despegar: Travel tech agency
Despegar is a travel technology company in Latin America that has been active for over 20 years.
The company operates in over 19 Latin American markets with two main business models.
The first is a B2C platform that connects with customers through a website, mobile app, and chat options powered by the AI assistant Sofia.
The second is a growing B2B segment that offers white-label solutions to partners like banks, airlines, and retailers.
It includes several brands such as Despegar, Decolar, Best Day, Viajes Falabella, Viajanet Stays, and Koin. Despegar operates in 20 countries, helping people from the moment they think about traveling until they return from their trips.
The company has created different payment and financing options to make travel more accessible for Latin Americans. Its shares are listed on the New York Stock Exchange.
Damián Scokin, CEO of Despegar says, “With Prosus as our partner, we will benefit from scale and expertise in AI to accelerate growth and expand our service portfolio. We will continue to accelerate innovation, and set new standards in the travel market, while also contributing to building Prosus’s position as Latin America’s premier lifestyle ecosystem brand.”
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