| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: GENERAL RETAILERS |
Lastminute buys German namesake |
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Wed 30 Jun 2004
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LONDON (SHARECAST) - Lastminute.com has acquired its German namesake lastminute.de group for £31m through a mixture of cash and shares.
Lastminute said the acquisition would create the largest online travel group in Germany. The deal includes the rights to the domain name lastminute.tv. Lastminute.de reported pretax profits of €2.6m last year.
Lastminute chief executive Brent Hoberman said: "This transaction removes the confusion between the .com and .de brands and ensures that all of our marketing efforts benefit the lastminute.com businesses in Germany".
The German business has done well in the cheaper package tour market and may keep its .de brand specifically for this end of the market, the UK company added.
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