Inspirato and Thayer Ventures Acquisition today announced a definitive merger agreement that values the pro forma company at an estimated enterprise value of $1.1 billion. Upon closing, the combined company will operate as Inspirato, and its Class A common stock is expected to list on the Nasdaq under ISPO.
Inspirato offers a subscription service for luxury travel experiences in destinations around the world. The company’s subscription platform is designed to provide a frictionless booking journey that expands the addressable market for luxury travel, while creating a new channel for real estate and hospitality partners to monetize excess inventory.
Inspirato launched with a subscription model in 2011.
investors led by Janus Henderson Investors and Rodina have committed to participate in a $100 million PIPE of Thayer’s Class A common stock. This includes additional incremental capital from existing Inspirato shareholders Kleiner Perkins, IVP, Company founders Brent and Brad Handler, and others. There is approximately $176 million currently held in Thayer’s trust account, assuming no redemptions by Thayer’s shareholders. Existing Inspirato shareholders will roll 100 percent of their equity into the combined company.
Inspirato will receive approximately $260 million of net cash proceeds, assuming no redemptions.
The transaction is expected to close in the fourth quarter. Read more.