Latham & Watkins is advising hotel- and event-booking platform HotelPlanner on its go-public merger agreement with online travel agency Reservations.com and a special purpose acquisition company.
After the transaction’s expected fourth-quarter close, the combined company, with an enterprise value of about $567.1 million, will continue as HotelPlanner. It will be listed on the Nasdaq under the ticker symbol “HOTP,” according to a statement.
Law firm Graubard Miller is advising the Florida-based SPAC, Astrea Acquisition Corp, while HotelPlanner is also getting advice from Florida-based Gunster Yoakley & Stewart P.A.
Cincinnati-based Katz Teller and Philadelphia-based Stradley Ronan Stevens & Young are advising Reservations.com, the statement says.
HotelPlanner, which also owns business travel site Meetings.com, says its group-booking focus proved “resilient” during the pandemic.
It expects to get $120 million in cash from the deal and about $170 million in 2022 revenue, post merger, as a diversified booking platform with complementary revenue streams.
“We see opportunities for accelerating growth both in the U.S. and globally as we unite two of the largest online booking websites on one highly efficient tech-forward platform, and combine it with the power of our closed user group rates,” said Tim Hentschel, HotelPlanner co-founder and CEO.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
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