Astrea Acquisition called a Feb. 15 meeting fror shareholders to vote on the proposed business combinations with HotelPlanner, a travel technology platform powered by proprietary artificial intelligence, and Reservations.com, an online travel agency.
If approved, upon closing HotelPlanner stock and warrants are expected to trade on the Nasdaq under the ticker symbols HOTP and HOTPW.
As announced in August, the transaction 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 about $687.9 million.
The deal is expected to provide HotelPlanner with more than $120 million in cash proceeds to its balance sheet, assuming no redemptions.
Existing HotelPlanner and Reservations.com owners have agreed to roll-over approximately 93% of their ownership and expect to retain 68% ownership after the deal closes. Secondary proceeds of $35 million are to cover the transaction between Reservations.com and HotelPlanner. Read more.
