HotePlanner and Reservations.com agreed to go public though a deal with SPAC Astrea Acquisition Corp. (NASDAQ:ASAX).
The transaction is expected to generate more than $120M in cash proceeds and will give the new company a pro forma enterprise value of $567.1M, according to a statement.
The combined company will keep the HotelPlanner name after consummation of the merge and forecasts 2022 revenue of about $170M an expects a three-year revenue CAGR (2020 to 2023) of around 42%.
A transaction is expected to be completed in Q4 and HotelPlanner will be listed on Nasdaq under the ticker symbol “HOTP.”
Existing HotelPlanner and Reservations.com owners have agreed to roll-over approximately 93% of its ownership and expect to retain approximately 68% ownership following the deal. Secondary proceeds of $35M are primarily intended to effectuate the transaction between Reservations.com and HotelPlanner.