Argentine travel company Despegar has announced the acquisition of Brazilian online travel agency ViajaNet for $15 million. This is Despegar’s fifth acquisition in three years and the third one of a Brazilian company. According to the deal, 60% of the price will be paid at the deal closing; 20% 24 months later, and the other 20% 36 months after the acquisition.
According to Despegar, ViajaNet reported revenues of about $30 million in 2019. In 2021, the platform’s online sales accounted for about 98% of total sales, with 88% of bookings originating from the B2C channel and the rest from the B2B channel. In addition, 98% of the bookings were for air travel within Brazil. Despegar says that with the purchase, it will be able to cross-sell its portfolio of lodging and other travel products to ViajaNet clients.
“The purchase of ViajaNet is another step in our regional consolidation strategy. This deal will allow us to strengthen our lodging and services portfolio through a new brand and customer base, and reinforce our team in the country,” said Marcelo Grether, Chief M&A & new business officer at Despegar.
Both companies will keep their brands and will continue to work independently in their commercial management. The deal is expected to close in the second quarter of 2022.
