ProSiebenSat.1 sells travel website weg.de to lastminute.com
Munich, December 21, 2017. ProSiebenSat.1 is selling all shares in Comvel GmbH, which operates the travel website weg.de, to lastminute.com Group. weg.de is one of Germany's best-known online travel sites and has been a wholly owned subsidiary of ProSiebenSat.1 Group since January 2014. weg.de significantly increased its brand recognition within first years of joining ProSiebenSat.1 Group. During the challenging market environment in recent years the company has successfully defended its market position. The contract parties agreed not to disclose details of the acquisition.
Claas van Delden, COO Digital Ventures & Commerce and Managing Director of 7Commerce: weg.de is one of the best-known brands in the German online travel market. The future owner, lastminute.com, will be a large, very experienced partner for Comvel, allowing it to continue its successful company development. We would like to thank the management of weg.de and all its employees. The team, led by Sven Ahrens and Kai Boyd, has done a great job over the last two years.
Kai Boyd, CEO of Comvel: On behalf of my management colleagues and the entire team, I would like to offer my heartfelt thanks to ProSiebenSat.1 for its active support of our development over the last four years. It was an exciting and successful journey. At the same time, we welcome lastminute.com aboard as our new shareholder and pioneering online travel expert. In a market that will be increasingly dominated by the online travel sales, we will certainly be able to pool our forces with lastminute.com to accelerate our growth once again.
Fabio Cannavale, CEO of lastminute.com Group: Comvel GmbH with its brand weg.de 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. Thanks to the acquisition, lastminute.com group will reach a significant size in the largest European country* with Revenue to increase from 17 million to around 37 million, based on 2016 figures.
ProSiebenSat.1 actively manages its portfolios with the aim of retaining and developing majority investments within the Group. In addition to the performance of individual investments, synergy with the Group as a whole is a particular focus. Changing market conditions, for example, can mean that ProSiebenSat.1 is no longer the best owner for an investment. In these singular cases, ProSiebenSat.1 endeavors to sell its shareholding to a new owner that can better manage and develop the business. The Group commenced such a strategic review process for its travel portfolio in spring 2017. As a result, ProSiebenSat.1 Group already sold all of its shares in the global online travel agency Etraveli to the strategic financial investor CVC in June of this year. By selling weg.de ProSiebenSat.1 is continuing this strategy.
* according to total travel transaction value.
About ProSiebenSat.1
ProSiebenSat.1 Group is one of the most successful independent media companies in Europe with a strong presence in the TV and digital markets. Free TV financed by advertising is the core business of the Group. The station family comprising SAT.1, ProSieben, kabel eins, sixx, SAT.1 Gold, ProSieben MAXX, and kabel eins Doku is the Number 1 in the German audience and TV advertising markets. The Group has tapped into an additional attractive business area through the distribution of its television channels in HD quality. At the same time, the Group successfully networks the wide reach of its TV business with a strong digital unit. Already today, ProSiebenSat.1 is Germany's leading video marketer on the Internet and with maxdome or Studio71 one of the most successful providers of digital entertainment. ProSiebenSat.1 has also built up a successful e-commerce business of digital platforms in recent years, which is now one of the Group's most important growth drivers. This broadcasting, digital entertainment and commerce portfolio is supplemented by Red Arrow, an international production and distribution network. The headquarters of ProSiebenSat.1 are in Unterf hring near Munich. The entity was founded in October 2000 and today employs a workforce of around 6,000 people. The ProSiebenSat.1 share has been listed in the leading DAX index since March 2016.
About lastminute.com group
lastminute.com is among the worldwide leaders in the online travel industry and operates a portfolio of well-known brands such as lastminute.com, Bravofly, Rumbo, Volagratis and Jetcost. Every month, the Group reaches across its websites and mobile apps (in 17 languages and 40 countries) 43 million unique visitors per month that search for and book their travel and leisure experiences. The mission of the Group is to be the relevant and most inspiring travel company, committed to enriching the lives of travellers offering support and services whenever need it. lastminute.com N.V. is a publicly traded company listed under the ticker symbol LMN on SIX Swiss Exchange.
About weg.de
weg.de is one of Germany's best-known online travel sites and offers its customers the entire range of travel options, from package holidays and all-inclusive vacations, hotels and flights to cruises, rental cars and skiing trips. Customers are particularly impressed by the travel website's clarity, user-friendliness and wide selection. weg.de was founded in Munich in March 2005 and is a COMVEL GmbH brand. COMVEL GmbH is one of the fastest-growing tourism companies in Europe.
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ProSiebenSat.1 sells travel website weg.de to lastminute.com
