U.K., October 23, 2000 (PRIMEZONE) -- The acquisition consolidates lastminute.com's leadership of the European last minute marketplace, making it one of the leading e-commerce companies in Europe(1).
The aggregate consideration for the Acquisition is approximately £51.5 million(2), which is to be satisfied in the form of £25.9 million in cash (of which £5.8 million is payable one year after completion) and the issue of 19.7 million new Ordinary lastminute.com shares, which were admitted to the Official List and to trading on the London Stock Exchange earlier today.
1.Based on 1999 web-based revenues and/or independent surveys. 2.Based on the closing mid-market price of 130 pence per share on 20 October 2000 and a Euro to UK£ exchange rate of 1.7131
Notes to Editors
1.About lastminute.com
The lastminute.com web site (www.lastminute.com) was launched in the UK in October 1998.
Based on the idea of matching supply and demand at the last minute via the Internet, lastminute.com works with a range of suppliers in the travel, entertainment, restaurant and gift industries and is dedicated to bringing its customers attractive products and services. lastminute.com aims to provide solutions and inspiration to its customers at short notice.
Following the success of the UK site, localised versions of the web site have since been launched in France, Germany and Sweden in September, October and December 1999 respectively. An Australian version of the website was launched in August 2000 in conjunction with travel.com.au, our joint venture partner for Australia and New Zealand. A further joint venture agreement was signed for an operation in South Africa in May 2000.
At 30 June 2000, lastminute.com had approximately 2.1 million registered subscribers and relationships with over 3,400 key suppliers, including international scheduled airlines, hotels, package tour operators, theatre, sports and entertainment promoters, restaurants, speciality service providers and gift suppliers, both in the UK and internationally. In the quarter ended 30 June 2000, 47% of goods sold were non-travel related. Supplier relationships include Lufthansa, British Midland, United Airlines, Virgin Atlantic Airways, Starwood Hotels and Resorts Worldwide, Forte Hotel Group, Kempinski Hotels, English National Ballet, The Royal Albert Hall, Conran Restaurants, One for the Road and SFX.
2.About Degriftour Group
Degriftour Group is France's largest e-travel company by net revenues, offering a range of travel products including own-brand products. It was founded in April 1991 by Francis Reverse(c) with the business objective to sell off at the last minute unsold packaged holidays at discounted rates via Minitel. The company has since diversified its offering into promotional offers, negotiated packages, hotel and restaurant services and show-offerings for all budgets.
In February 1996, Degriftour Group opened its first internet site for online bookings, www.Degriftour.fr, which today is a full-service e-travel site. Degriftour Group has an estimated 50% market share of the e-travel market in France and is the 2nd most visited e-travel site in France (after SNCF, the state-owned railway). Approximately 60% of the customer bookings are today executed through the internet. Since April 1998, Degriftour Group has transacted approximately 250,000 orders and has relationships with more than 6,000 suppliers, comprising tour operators, airlines and hotels. Approximately 90% of customer bookings are last-minute products
Prior to its acquisition the Degriftour Group was a privately-owned business, 78% owned by Francis Reverse(c).