Lastminute.com snapped up by Sabre
22 July 2005
lastminute.com has made its last trade on the London Stock Exchange (LSE) following the completion of its purchase by Sabre, the US owner of Travelocity.
The dotcom travel company came to represent the internet boom, with share prices reaching a high of £5.55 after its debut in 2000, and falling to a low of 17p in 2001. In its last day of trading share were valued at £1.655.
Sabre agreed a price of £577 million for the acquisition of the online travel retail site, which has failed to turn a profit since its launch. The last annual report from lastminute.com showed that losses almost doubled in the year to September 2004 to £77.2 million.
Sam Gilliland, Sabre Holdings president and CEO, said: "The addition of lastminute.com to the Sabre portfolio of travel companies significantly extends our role as a travel retailer. It increases our international points of sale and positions us as the leader in the fast growing European online arena."
Brent Hoberman, CEO of lastminute, added: "This deal marks the beginning of a new chapter in which we look forward to becoming a leading player on the global stage. Being part of Travelocity and Sabre Holdings not only gives us global reach but enables us to offer a wider product-range to benefit our customers."
The stakes of lastminute co-founders Martha Lane Fox and Brent Hoberman will be worth £13.5 million and £26 million respectively. Mr Hoberman, has agreed to head up the new larger organisation.
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