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Lastminute.com sold to Travelocity for £577m

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Online travel group Travelocity Europe has reached agreement to acquire rival online travel and leisure operator lastminute.com for around £577m under a recommended cash offer of 165p per share.

The acquisition includes the assumption of £69m in debt, which will be partly offset by cash of around £40m.

The acquisition will be completed before the end of July, when lastminute.com CEO, Brent Hoberman, will be come joint CEO of the combined operation.
 
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