Five companies lead a three-way SPAC for an online travel booking site
Latham & Watkins is advising hotel and event booking platform HotelPlanner in its merger deal with online travel agency Reservations.com and a special-purpose acquisition company.
After the transaction is expected to close in the fourth quarter, the combined company, with an enterprise value of approximately $567.1 million, will continue as HotelPlanner. It will be listed on Nasdaq under the symbol “HOTP,” according to a statement.
Law firm Graubard Miller advises Florida-based SPAC Astrea Acquisition Corp, while HotelPlanner also receives advice from Florida-based Gunster Yoakley & Stewart PA.
Cincinnati-based Katz Teller and Philadelphia-based Stradley Ronan Stevens & Young are advising Reservations.com, the statement said.
HotelPlanner, which also owns business travel site Meetings.com, says its focus on group bookings has proven “resilient” during the pandemic.
It expects to get $120 million in cash from the deal and about $170 million in revenue in 2022, post-merger, as a diversified booking platform with complementary revenue streams.
“We see opportunities for accelerating growth in the United States and around the world as we unite two of the largest online reservation sites on a highly efficient technology platform and combine them with the power of our closed user group rates,” said Tim Hentschel, Co-founder and CEO of HotelPlanner.