Oyo in a line to Acquire Amsterdam-Based @Leisure Group for $415 Million
One of the India's largest hotel chain, Gurgaon-headquartered budget hotel startup Oyo, In line with its aim to become a global market leader is going to acquire Amsterdam-based @Leisure Group for $415 million (roughly Rs. 2,900 crores).
Oyo on Wednesday said it would acquire @Leisure from Axel Springer, a media and technology company.
The acquisition will help OYO move a step closer in realizing its vision of becoming a global real estate brand while maintaining leadership in the hospitality industry. @Leisure is a leading vacation rental company in Europe and manages holiday homes, holiday parks and holiday apartments.
"With @Leisure Group, its team and capabilities, we see Oyo further its mission of creating quality living experiences for everyday travellers," Maninder Gulati, Oyo's Global Chief Strategy Officer, said in a statement.
Axel Springer, which had a 51% share of @Leisure Group, would be receiving €180 million (~ US$202.35 Mn) in the deal, including the repayment of a shareholder loan of around €60 million (~ US$67.45 Mn), and a spokesperson for OYO confirmed on a report that the full price was €369.5 million i.e about US$ 415 Mn.
@Leisure Group, through its Belvilla, DanCenter, and Danland brands, offers more than 30,000-fully managed holiday homes across 13 countries in Europe and through its Traum-Ferienwohnungen brand, offers a subscription-based home management service with over 85,000 homes across 50 countries.
Oyo said the acquisition will help it move a step closer in realising its vision of becoming a global real estate brand while maintaining leadership in the hospitality industry.
"Through this acquisition, the size and scale of the opportunity can be immediately unlocked for Oyo's Homes business. Today, more than 2.8 mn holidaymakers from over 118 countries book their holiday every year with @Leisure Group. The combined strength of both brands can scale the opportunity multifold," Gulati said.
"Tobias Wann, CEO, @Leisure Group, will join Oyo's leadership group as CEO, Vacation Homes, Oyo Global, and will work with me to turn Oyo's home business into a global by-word for vacation and urban home rentals," Gulati added.
Leisure Hotels Group has its presence in India too and is a major player in Uttarakhand’s hospitality sector. It has portfolio of hotels, resorts, luxury Villa’s & camps in the state.
@Leisure Group is OYO’s fifth acquisition in total and third out of India. The AirBnB-backed company has earlier acquired Innov8 Coworking, Weddingz, Novascotia Boutique Homes and Mumbai-based IoT developer AblePlus.
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