SOUTHLAKE, Texas and
AMSTERDAM, Dec. 16, 2014 /PRNewswire/ -- Sabre
Corporation (NASDAQ:SABR) and Bravofly Rumbo Group (SIX: BRG)
announced today that Bravofly Rumbo Group has made a binding offer
to acquire lastminute.com.
Acceptance of the offer is subject to the completion of employee
information and consultation processes, following which closure
would be expected to occur in Q1 2015.
In August, Sabre announced it was exploring strategic options
for lastminute.com to support its strategy to increase focus and
investment in its core technology businesses; Travel Network,
Airline Solutions and Hospitality Solutions. Sabre is the largest
provider of services to the global consumer online travel sector
and handles over a third of the world's travel agency
transactions.
The potential acquisition is part of Bravofly Rumbo Group's
growth plans to select and integrate valuable assets, and would
represent a significant step forward in the Group's long-term
strategy to help people get the best travel experience.
Under the terms of the offer, Bravofly Rumbo Group would acquire
all of lastminute.com's principal global operations located in
the UK, France, Germany, Spain and Italy, reaching an expected combined Gross
Travel Value of nearly € 2.5 billion and revenues of over € 260
million.
The value of the potential transaction for Sabre is
approximately US $120 million,
resulting primarily from the transfer of commercial liabilities
and additionally the value of an expanded long-term
commercial agreement, in which Bravofly Rumbo Group's brands and
lastminute.com would continue to use the Sabre global distribution
system. The transaction would not have a material effect on
Bravofly Rumbo Group's net cash position.
Fabio Cannavale, Chairman of
Bravofly Rumbo Group, comments: "lastminute.com is the perfect
fit for Bravofly Rumbo Group. Its business complements and expands
our offering in Europe and, with
its strong presence in the hotel and vacation sector, diversifies
our product revenue streams. We believe in the value and strength
of lastminute.com's iconic brand, which is recognized by more than
90 percent of European consumers."
Sabre was advised by Houlihan
Lokey, an international advisory-focused investment
bank.
About Sabre
Sabre Corporation (NASDAQ: SABR)
is a leading technology provider to the global travel and tourism
industry. Sabre's software, data, mobile and distribution solutions
are used by hundreds of airlines and thousands of hotel properties
to manage critical operations, such as passenger and guest
reservations, revenue management, and flight, network and crew
management. Sabre® also operates a leading global travel
marketplace, processing over $100
billion of estimated travel spend in 2013 by connecting
travel suppliers to their most valued customers, the business
traveler. Headquartered in Southlake, Texas, USA, Sabre operates offices
in approximately 60 countries around the world.
Cautionary Note Regarding Forward-Looking Statements
Any statements in this release that are not historical or
current facts are forward-looking statements. These forward-looking
statements convey Sabre's current expectations or forecasts of
future events. Forward-looking statements, including the acceptance
of the offer described herein, the closing of any proposed
transaction, and any effects of the proposed transaction, involve
known and unknown risks, uncertainties and other factors that may
cause actual results to be materially different from any future
results expressed or implied by the forward-looking statements.
Certain of these risks and uncertainties include the employee
information and consultation processes and obtaining required
regulatory approvals, as well as the risks and uncertainties
described in the "Risk Factors" and "Cautionary Note Regarding
Forward-Looking Statements" sections of Sabre's prospectus filed
with the Securities and Exchange Commission pursuant to Rule 424(b)
under the Securities Act of 1933 on April
17, 2014 and its Quarterly Report on Form 10-Q, and any of
Sabre's other applicable filings with the Securities and Exchange
Commission. Unless required by law, Sabre undertakes no obligation
to publicly update or revise any forward-looking statements to
reflect circumstances or events after the date of this press
release.
About Bravofly Rumbo Group
Bravofly Rumbo Group
is an online travel agency, or OTA, with a strong presence in
Europe. Its web and mobile
platforms enable consumers to easily search for, compare and book
flights with both traditional airlines and low cost carriers, as
well as hotel accommodation, package holidays, cruises, rental cars
and other travel-related products and services. The Group traces
its roots to 2004, with the launch of Volagratis, a pioneer search
engine for low cost flights in the Italian market. Today it
operates websites in 15 languages and localized for more than 35
countries. Its core markets are Italy, Spain
and France. The Bravofly Rumbo
Group is strengthening its position in other European markets and
expanding to untapped markets in selected Asian Pacific and Latin
American countries. The Group operates under a number of key
brands, including Bravofly, Rumbo, Volagratis, Jetcost,
Crocierissime and Bravoavia. With more than 4.5 million
passengers handled per year, Bravofly Rumbo Group complements its
online offer with customer service support in 13 languages.
Some of the information contained in this press release contains
forward-looking statements. Readers are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may
differ materially from those in the forward-looking statements as a
result of various factors. Bravofly Rumbo Group undertakes no
obligation to publicly update or revise any forward-looking
statements.
Media
contacts
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Bravofly Rumbo
Group
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Sabre
Corporation
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Media
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Media
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Priscilla
Daroda
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Pam Wong
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Mobile: +41 76 393 83
56
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Phone: +44 7968 902
626
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priscilla.daroda@rumbo.com
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pam.wong@sabre.com
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Investor
Relations
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Investors
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Niccolo
Bossi
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Barry
Sievert
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Mobile: +41
763925699
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+1682-605-0214
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niccolo.bossi@rumbo.com
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barry.sievert@sabre.com
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IRF Communications
AG
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Martin
Meier-Pfister
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Direct: +41 43 244 81
40
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Mobile: +41 79 200 85
00
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martin.meier-pfister@irfcom.ch
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SOURCE Sabre Corporation