Lastminute.com Group has secured a deal to buy the Comvel business from ProSiebenSat.1 Group, giving it a chance to grow its presence in Germany.
The deal for online travel agency, which operates under the Weg brand in Germany, will come in two tranches totalling €12 million.
The first payment of €6 million will be made on closing of the deal and the second during 2019, Lastminute.com Group says.
The sale marks the latest in a round of changes in the mid-range OTA sector in Europe following a deal by ProSiebenSat.1 Group to offload its eTraveli brand to CVC Capital Partners in June this year for €508 million.
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The German TV and entertainment group bought Comvel in 2013 from Media Ventures.
Lastminute.com Group claims the deal will push its revenue from operations in Germany to the €37 million, based on 2016 figures.
Weg specializes in package travel and all-inclusive trips for domestic travelers, with around a fifth of the business coming via hotel-only sales.
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Lastminute.com Group CEO, Fabio Cannavale, says: “Comvel with its brand Weg is a perfect complement to our business model and represents a further step ahead in the accomplishment of our strategy of becoming the reference player in the European packaged holidays arena".
The company bought the WAYN social travel network in September 2016 for an undisclosed fee.