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Hotel-deal booking specialists HotelPlanner and Reservations.com are close to signing a merger deal and go public via Astrea Acquisition Corp (NASDAQ:ASAX), a special purpose acquisition company, The Wall Street Journal reported on Monday.
What Happened: The deal estimated to be valued at $685 million could be announced this week and the combined company would still be called HotelPlanner.
Current investors are still expected to own a majority of the company, which would have about $105 million left over in cash proceeds.
SPACs have gained in popularity in the last one year or so drawing big-name underwriters and investors and have raised billions of dollars in IPO money.
See Also: Luxury Travel Subscription Company Inspirato Going Public With Growing Market And Pent-Up Demand
Why It Matters: HotelPlanner was founded in 2004 and competes with bigger rivals in a crowded market. It offers group-booking deals to Expedia Group Inc (NASDAQ:EXPE), which in turn has an open travel alliance (OTA) with leading hotel chains such as Marriott International Inc (NASDAQ:MAR) and Hilton Hotels Corp (NYSE:HLT).
HotelPlanner, which also onws the business-focused website Meetings.com, expects the combined company to deliver about $170 million in revenue next year.
The talks come at a time when global travel has just begun to take flight again but fears of a third COVID-19 wave may thwart that rebound.
Price Action: ASAX shares closed 0.21% lower at $9.21 on Monday.
For news coverage in French, Italian, or Spanish, check out Benzinga France, Benzinga Italia, or Benzinga España.
