Damián Scokin, CEO of Despegar. Photo Constance Niscovolos
Despegar, one of the Argentine unicorns, announced the buying Viajanet, one of the largest online travel agencies in Brazil, valued at approximately US $ 15 million.
This is second Brazilian company which takes over the company founded by Roberto Souviron this year. In March, Despegar reported that it had bought 51% of Stays.net, a vacation rental management company, for US $ 3 million.
Travelnet charged approximately US $ 30 million in 2019, before the pandemic. In 2021, its online sales will represent 98% of the total, with a 88% of total bookings came from the retail channel and others through the wholesale channel, Despegar reported.
In addition, 98% of total Viajanet bookings were responded to air segment of Brazilgiving Despegar the opportunity to cross-sell its accommodations and other non-aerial products to the new company’s customers.
Marcelo Grether, director of Mergers and Acquisitions and New Business at Despegar, said the acquisition of Viajanet was the third in the last two years in Brazil. In that country, Despegar operates under the Decolar brand.
“This is another step in our regional integration strategy that will allow us to deploy more services with high margins and not tied to fares through a new brand and customer base as we strengthen our team in the country, ”he added.
Under the terms of the agreement, 60% of the purchase price will be paid at the closing of the transaction, while 20% will be paid within 24 months and the remainder within 36 months.
The closing of the transaction is expected to take place on second quarter of 2022.
Despegar operates in 20 countries, where it offers tickets from more than 300 airlines, 520,000 accommodation options and 1,100 car leasing agencies.
In Mexico, the company is known for its brands Best Day and HotelDowhich he bought in October 2020. In Brazil Koine is your payment platform and consumer loans since August 2020.
In 2021 and 2020, the company will have approximately 3.8 million and 2.5 million customers, respectively. Last year, those clients booked for US $ 2,500 million, against US $ 1,400 million in 2020.
In 2021, Despegar’s net income will reach US $ 322.8 million compared to US $ 131.3 million in 2020, while the cumulative net loss was US $ 104.6 million, a decrease compared to US $ 142.6 million last year.