Despegar Agrees To Acquire Brazilian Travel Agency Viajanet For $15M - Despegar.com (NYSE:DESP)

Online travel company Despegar.com Corp DESP has agreed to acquire TVLX Viagens e Turismo S.A (Viajanet), a Brazilian online travel agency, for about $15 million.
Under the terms of the agreement, 60% of the purchase price will be payable at closing, 20% in twenty-four months, and the remaining 20% in thirty-six months.
Viajanet recorded revenues of about $30 million in FY19.
98% of Viajanet’s gross bookings were within the Air segment of Brazil's travel market, giving Despegar scope to cross-sell its accommodation and other non-air product inventory to Viajanet's existing customers.
DESP expects to close the transaction in the second quarter of 2022.
Despegar held $279.2 million in cash and equivalents as of December 31, 2021.
Price Action: DESP shares are trading higher by 0.20% at $9.97 on the last check Friday.