Skift Take
Who said investors no longer want to bet on consumer-facing travel startups that compete with Google? HomeToGo is in talks to go public via a blank-check company owned by Lakestar. It'll be an approximately $1.2 billion deal, sources tell Skift.
Vacation rental search startup HomeToGo has signed a non-binding letter of intent to merge with a blank-check firm controlled by European venture fund Lakestar, the companies said in a statement on Friday.
Lakestar is a venture capital investor in the Berlin-based HomeToGo. It owns a blank-check firm, Lakestar SPAC I. The companies said in a statement on Friday that they "continue to be in mutually exclusive negotiations with the aim of entering into a binding business combination agreement in due course."
According to people familiar with the matter, the proposed transaction would value HomeToGo at about $1.2 billion (€1 billion), including debt. The sources asked not to be identified because the talks are private and could still fall apart.
In response to our query, a HomeToGo representative said, "Due to legal restrictions with European markets we are not allowed to comment on the matter at this time." Repr
