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Market
How will Prosus's customer base in Latin America change by the end of 2025 due to the acquisition?
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Prosus NV•Latin American•Despegar•Prosus•Latin America•iFood•Sympla•EBITDA•Goldman Sachs•Morgan Stanley
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Story
Prosus to Acquire Despegar for $1.7 Billion at $19.50 Per Share, Aiming for Q2 2025 Closure
Dec 23, 2024, 01:22 PM
Prosus NV, a global internet investment giant, has agreed to acquire the Latin American online travel agency Despegar Corp. for $1.7 billion. The deal, which offers $19.50 per share, represents a 33% premium over Despegar's closing price on December 20 and a 34% premium over its 90-day average price. Despegar, which operates in 19 countries and manages over 9.5 million transactions annually, will become a private company upon the transaction's completion, expected in the second quarter of 2025, pending shareholder and regulatory approvals. This acquisition is part of Prosus's strategy to expand its online commerce presence in Latin America, where it already owns iFood and Sympla. Once completed, the group will have around 100 million customers and more than $500 million in EBITDA in the region. Goldman Sachs and A&O Shearman are serving as financial and legal advisors to Despegar, respectively, while Morgan Stanley and Davis Polk & Wardwell LLP are advising Prosus.
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