- The transaction will include the repayment of a shareholder loan of around 60 million euros and is expected to close in June
- The acquisition will help SoftBank Group Corp-backed OYO expand its Homes business, which will now have more than 100 million vacation rentals and urban homes
MUMBAI: Oyo, India’s biggest hotel startup, has agreed to buy Amsterdam-based vacation rental company @Leisure Group for an estimated €369 million in its biggest-ever acquisition.
SoftBank Group Corp. and Airbnb-backed Oyo (Oravel Stays Pvt. Ltd) will buy @Leisure Group from German media firm Axel Springer SE, the companies said in a joint statement.
The deal will help the hospitality startup deepen its presence in Europe and bolster its international expansion plans. It is currently present only in the UK with 30 hotels under its flagship brands, Oyo Hotels and Oyo Townhouse.
Oyo did not disclose the value of the transaction. One person aware of the deal said Oyo would pay around €369 million for the acquisition.
“We see vacation homes as a unique opportunity, with 115,000 units of homes now getting added to our already growing count of beautiful homes and we are excited to continue maintaining our global industry leadership,” said Ritesh Agarwal, founder and chief executive officer of Oyo.