Prosus has announced its definitive agreement to acquire Despegar, a leading online travel agency (OTA) in Latin America, for $19.50 per share, representing a 33% premium over Despegar’s share price as of December 20, 2024. The deal also reflects a 34% premium based on Despegar’s 90-day volume-weighted average price (VWAP). Despegar’s board of directors has unanimously approved the transaction and recommended that shareholders vote in favor of the deal.
This acquisition represents a major addition to Prosus’s growing Latin American portfolio, which now spans local e-commerce, travel, and fintech sectors. Upon completion, the transaction will extend Prosus’s reach to over 100 million customers across the region.
Despegar, which operates in more than 19 Latin American markets, connects with users through both a business-to-consumer (B2C) platform—accessible via web, mobile app, and AI-powered conversational channels—and an expanding business-to-business (B2B) model that provides white-label solutions to partners like banks, airlines, and retailers.
Founded in Argentina in 1999, Despegar has become a regional leader in the online travel space, handling over 9.5 million transactions annually, generating $5.3 billion in gross bookings, and reporting $706 million in revenue. For the full year 2023, the company reported an EBITDA of $116 million. Despegar’s successful, scalable business model and strong market presence have positioned it as a key player in Latin America’s travel sector.
With this acquisition, Prosus plans to leverage its broader consumer ecosystem to accelerate user growth and engagement on the Despegar platform. The company aims to introduce new products and services that will further enhance the platform’s value proposition.
In addition, Prosus sees opportunities for synergies with its other regional businesses, including iFood, Latin America’s leading food delivery service with 60 million customers annually, and Sympla, a major events platform.
The transaction is subject to customary closing conditions, including approval by Despegar’s shareholders and regulatory clearances. The deal is expected to close in Q2 2025, with the purchase being funded through Prosus’s existing cash reserves.
