Astrea Acquisition filed a preliminary proxy statement today, outlining its proposed mergers with HotelPlanner, a hotel and event booking platform, and Reservations.com, an online travel agency.
If approved, the combined company will be named HotelPlanner, and its common stock and warrants are expected to trade on the Nasdaq under HOTP and HOTPW.
The transaction is expected to close in the fourth quarter.
Announced last month, the deal implies a pro forma enterprise value of $567.1 million for the combined companies, or 3.3x HotelPlanner’s estimated 2022 revenue of approximately $170 million, and an implied equity market capitalization of approximately $687.9 million.
The transaction is expected to provide HotelPlanner with more than $120 million in cash proceeds to its balance sheet, assuming no redemptions by Astrea shareholders.
Existing HotelPlanner and Reservations.com owners have agreed to roll-over approximately 93% of their ownership and expect to retain approximately 68% ownership following consummation of the business combination. Read more.
