Despegar.com Enters Into Merger Agreement to Be Acquired by Prosus for $19.50 Per Share in Cash
Despegar.com (NYSE: DESP), Latin America's leading travel technology company, has announced a definitive merger agreement to be acquired by Prosus in an all-cash transaction valued at approximately $1.7 billion. Under the agreement, shareholders will receive $19.50 per share, representing a 34% premium over the 90-day volume weighted average trading price.
The transaction, expected to close in Q2 2025, has been approved by Despegar's Board of Directors and will result in the company becoming privately held and delisted from the NYSE. As part of the Prosus Group, Despegar aims to accelerate its growth strategy, leveraging Prosus's resources, operational expertise, and AI capabilities to enhance its market presence in Latin America.
Despegar.com (NYSE: DESP), la principale azienda di tecnologia turistica dell'America Latina, ha annunciato un accordo di fusione definitivo per essere acquisita da Prosus in una transazione interamente in contante valutata a circa 1,7 miliardi di dollari. Ai sensi dell'accordo, gli azionisti riceveranno 19,50 dollari per azione, rappresentando un premio del 34% rispetto al prezzo medio ponderato per volume degli ultimi 90 giorni.
La transazione, prevista per chiudere nel secondo trimestre del 2025, è stata approvata dal consiglio di amministrazione di Despegar e porterà l'azienda a diventare una società privata e a essere rimossa dal NYSE. Come parte del gruppo Prosus, Despegar mira ad accelerare la sua strategia di crescita, sfruttando le risorse di Prosus, l'expertise operativa e le capacità di intelligenza artificiale per migliorare la propria presenza nel mercato dell'America Latina.
Despegar.com (NYSE: DESP), la empresa líder en tecnología de viajes en América Latina, ha anunciado un acuerdo de fusión definitivo para ser adquirida por Prosus en una transacción completamente en efectivo valorada en aproximadamente 1.7 mil millones de dólares. Según el acuerdo, los accionistas recibirán 19.50 dólares por acción, lo que representa una prima del 34% sobre el precio promedio ponderado por volumen en los últimos 90 días.
Se espera que la transacción cierre en el segundo trimestre de 2025 y ha sido aprobada por la Junta Directiva de Despegar, lo que resultará en que la empresa se convierta en privada y se elimine de la NYSE. Como parte del Grupo Prosus, Despegar tiene como objetivo acelerar su estrategia de crecimiento, aprovechando los recursos de Prosus, la experiencia operativa y las capacidades de inteligencia artificial para mejorar su presencia en el mercado de América Latina.
Despegar.com (NYSE: DESP), 라틴 아메리카의 주요 여행 기술 회사는 Prosus에 의해 인수될 확정적인 합병 계약을 발표했습니다. 총 현금 거래로 가치는 약 17억 달러입니다. 계약에 따라 주주들은 주당 19.50달러를 받을 수 있으며, 이는 90일 거래량 가중 평균 가격보다 34%의 프리미엄을 나타냅니다.
2025년 2분기에 종료될 예정인 이 거래는 Despegar의 이사회를 통과했으며 회사는 비상장 회사가 되어 NYSE에서 제외될 것입니다. Prosus 그룹의 일원으로서 Despegar는 Prosus의 자원, 운영 전문성 및 AI 기능을 활용하여 라틴 아메리카 시장에서 입지를 강화하고 성장을 가속화하는 것을 목표로 하고 있습니다.
Despegar.com (NYSE: DESP), la principale entreprise de technologie de voyage d'Amérique latine, a annoncé un accord de fusion définitif pour être acquise par Prosus dans une transaction entièrement en espèces d'une valeur d'environ 1,7 milliard de dollars. Conformément à l'accord, les actionnaires recevront 19,50 $ par action, représentant une prime de 34 % par rapport au prix moyen pondéré par volume des 90 derniers jours.
La transaction, qui devrait se conclure au deuxième trimestre 2025, a été approuvée par le conseil d'administration de Despegar et conduira l'entreprise à devenir privée et à être radiée de la NYSE. Dans le cadre du groupe Prosus, Despegar vise à accélérer sa stratégie de croissance, en tirant parti des ressources de Prosus, de son expertise opérationnelle et de ses capacités en intelligence artificielle pour renforcer sa présence sur le marché de l'Amérique latine.
Despegar.com (NYSE: DESP), das führende Unternehmen für Reisetechnologie in Lateinamerika, hat eine endgültige Fusionsvereinbarung angekündigt, um von Prosus in einer baren Transaktion übernommen zu werden, die auf etwa 1,7 Milliarden USD geschätzt wird. Gemäß der Vereinbarung erhalten die Aktionäre 19,50 USD pro Aktie, was einem Aufschlag von 34 % gegenüber dem volumenweighted Durchschnittspreis der letzten 90 Tage entspricht.
Die Transaktion, die im 2. Quartal 2025 abgeschlossen werden soll, wurde vom Vorstand von Despegar genehmigt und wird dazu führen, dass das Unternehmen privat wird und an der NYSE abgelöst wird. Als Teil der Prosus-Gruppe beabsichtigt Despegar, seine Wachstumsstrategie zu beschleunigen und dabei die Ressourcen, die operative Expertise und die KI-Fähigkeiten von Prosus zu nutzen, um seine Marktpräsenz in Lateinamerika zu verbessern.
- All-cash transaction valued at $1.7 billion
- 34% premium over 90-day volume weighted average share price
- Access to Prosus's extensive network and strong balance sheet
- Enhanced operational capabilities through Prosus's AI technology
- Strong shareholder support with voting agreements in place
- Delisting from NYSE will reduce public trading options for current shareholders
- Transaction subject to regulatory and shareholder approval risks
Insights
This merger represents a strategic acquisition at a compelling
Key value drivers include Prosus's extensive technology infrastructure, AI capabilities and strong balance sheet, which should accelerate Despegar's growth trajectory and competitive positioning. The merger eliminates public market pressures and provides Despegar with resources for long-term strategic investments.
The deal structure includes standard regulatory approvals and shareholder votes, with major stakeholders already committed through voting agreements. The Q2 2025 expected closing timeline appears realistic given the regulatory requirements in Latin American markets.
This acquisition strategically positions Prosus to capitalize on Latin America's rapidly growing digital travel market. Despegar's established technology platform and regional expertise complement Prosus's global tech portfolio. The integration of Prosus's advanced AI capabilities could transform Despegar's service offering, potentially improving customer acquisition costs and booking conversion rates.
The deal reflects broader industry consolidation trends where large tech conglomerates acquire regional leaders to expand their geographical footprint. Despegar's technology infrastructure and two decades of market presence provide Prosus with immediate scale in Latin America's digital travel sector, which has significant untapped potential given increasing internet penetration and middle-class growth in the region.
The Latin American online travel market shows substantial growth potential, with digital adoption accelerating post-pandemic. This acquisition gives Prosus a dominant position in this expanding market through Despegar's established brand and comprehensive travel platform. The
The transaction timing is strategic, as Latin American travel markets are rebounding strongly. Despegar's private status post-acquisition will allow for more aggressive investment in market expansion and technology development without quarterly earnings pressures. The deal structure provides fair value to current shareholders while positioning the company for accelerated growth under Prosus's ownership.
Key Highlights:
- Despegar, a global leader in online travel services, and Prosus, a leading global technology company, join forces in an all cash transaction
-
Shareholders of Despegar will receive
per share in cash, which represents an approximately$19.50 33% premium over its closing price of and a premium of approximately$14.65 34% over its 90-day volume weighted average trading price -
The transaction values Despegar at
$1.7b n
The transaction price represents a premium of approximately
Despegar’s Board of Directors has approved the Agreement and has resolved to recommend that Despegar shareholders vote in favor of the adoption of the Agreement and the approval of the merger contemplated thereby. This approval follows the unanimous recommendation of a transaction committee of the Board of Directors comprised solely of independent directors that was formed in connection with the transaction (the “Transaction Committee”).
Prosus has a proven track-record of building leading technology businesses across the world. Despegar will benefit from the significant resources, operational expertise and advanced AI capabilities provided by Prosus.
The transaction underscores Despegar’s position as a key market player, highlighting its successful commercial execution, consistent leading innovation and ongoing focus on margin expansion. For more than twenty years Despegar has been a transformative force in the Latin American tourism industry. As part of the Prosus Group, Despegar is poised to accelerate its growth strategy. This strategic move not only enhances Despegar’s market presence but also strengthens its ability to innovate and compete.
Damian Scokin, Despegar’s CEO said: “We are thrilled about joining the Prosus Group, as it represents a significant step forward in our mission to broaden our market leadership, and expand our services across
Fabricio Bloisi, CEO of Prosus Group said: “Despegar adds significantly to our strong ecosystem in
Transaction Details
Under the terms of the Agreement, a wholly owned subsidiary of Prosus will merge with Despegar, with Despegar continuing as the surviving entity, and each outstanding share of Despegar will be converted into the right to receive
The transaction is currently expected to close in Q2 2025, subject to the approval of Despegar’s shareholders, the receipt of required regulatory clearances, and other customary closing conditions.
Certain shareholders of the Company, including the holder of Despegar’s Series A Preferred Shares, have entered into voting and support agreements with Prosus undertaking to vote in favor of the transaction.
The transaction is not subject to a financing condition. Upon completion of the transaction Despegar will become a privately-held company, its ordinary shares will be delisted from the New York Stock Exchange and it will no longer be listed on any public market.
Goldman Sachs & Co. LLC is serving as exclusive financial advisor to the Transaction Committee; Allen Overy Shearman Sterling LLP is serving as legal counsel to Despegar.
Morgan Stanley & Co. International PLC served as Prosus’ exclusive financial advisor on the transaction, with Davis Polk & Wardell LLP serving as legal advisor.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We base these forward-looking statements on our current beliefs, expectations and projections about future events and trends affecting our business and our market. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements, including those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 20-F for the year ended December 31, 2023, which was filed with the
About Despegar.com
Despegar is a leading travel technology company in
Despegar operates in 19 countries in the region, accompanying Latin Americans from the moment they dream of traveling until they share their memories. With the purpose of improving people's lives and transforming the shopping experience, Despegar has developed alternative payment and financing methods, democratizing the access to consumption and bringing Latin Americans closer to their next travel experience. Despegar’s common shares are traded on the New York Stock Exchange (NYSE: DESP). For more information, visit Despegar’s Investor Relations website https://investor.despegar.com/.
About Prosus
Prosus is a global technology company, unlocking an AI-first world for our 2 billion customers. With investments in more than 100 companies across the world, we are building local ecommerce champions in growth markets.
With leading positions in Food Delivery, Classifieds and Fintech, Prosus has created its own unique technology ecosystem, driving innovation, knowledge sharing and growth across our portfolio.
Through the Prosus Ventures team, the group invests in new technology growth opportunities within AI, social and ecommerce platforms, fintech, B2B software, logistics, health, blockchain, agriculture and more.
The team actively backs exceptional entrepreneurs who are using technology to improve people’s everyday lives.
To find out more, please visit www.prosus.com.
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Despegar
Luca Pfeifer
Investor Relations
Phone: (+1) 305 481 1785
E-mail: luca.pfeifer@despegar.com
Source: Despegar.com, Corp.
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