$240 million takeover of Dubai-based DOTW to be finalised this month.
Webjet has just confirmed the acquisition of Destinations of the World (DOTW), with CEO John Gucsic saying the deal “continues to consolidate WebBeds’ position as the clear number two player in the global B2B market”.
DOTW is a pure-play accommodation wholesale platform with operations across the Middle East, Europe, Asia Pacific and the Americas, “connecting highly fragmented suppliers (hoteliers) with travel retailers (travel agents, online travel agents, tour operators and third-party wholesalers,” Gucsic said.
He said the company was highly complementary to the existing WebBeds portfolio, significantly enhancing its existing Asia Pacific and Americas businesses with the addition of 5,600 new contracts.
The company said DOTW generated TTV of $734 million for the year to 30 June 2018, along with EBITDA of $22.7m.
Webjet is funding the deal with $102 million in debt as well as an Entitlement Offer to existing shareholders. About $28 million in new Webjet shares will be issued to continuing management shareholders and DOTW’s private equity vendor, with the deal expected to complete on Thursday 22 November 2018.
More details in today’s issue of Travel Daily.