Technology investment company Prosus has completed the acquisition of Despegar, a Latin America-based online travel company.
Netherlands-based Prosus and Despegar jointly announced the completed acquisition for $19.50 per share.
The acquisition is part of Prosus’s strategy to strengthen its presence in Latin America, where it said it is creating “a digital lifestyle ecosystem serving over 100 million customers across food delivery, classifieds, travel, experiences and fintech.”
The deal, which was first announced in late December last year, has been approved by Despegar’s board of directors and given the green late by regulators.
Terms of the deal include a subsidiary of Prosus, which is part of Naspers, merging with Despegar, the companies said at the time. Despegar will become a private company and is set to be delisted from the New York Stock Exchange.
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“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,” said Fabricio Bloisi, CEO of Prosus.
“We are redefining lifestyle ecommerce by creating experiences that don’t just meet needs, but anticipate them,” Bloisi said.
Damián Scokin, CEO of Despegar said the company would “benefit from scale and expertise in AI [artificial intelligence] 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,” Scokin said.