Dec 2024
Conyers has advised long-standing client, Despegar (NYSE:DESP), Latin America’s leading online travel company, on its proposed acquisition by Prosus, a leading global technology company.
The transaction, which is structured as a BVI statutory merger, values Despegar at approximately US$1.7 billion and represents a 33% premium to Despegar’s closing share price as of 20 December 2024.
The transaction is expected to close in the second quarter of 2025, subject to approval by Despegar’s shareholders, certain regulatory approvals and the satisfaction of other customary closing conditions. At closing, Despegar will become a wholly-owned subsidiary of Prosus.
Partner Anton Goldstein and Associate Jack Irwin of Conyers’ BVI office advised on the transaction, working alongside A&O Shearman, as US counsel to Despegar.
Partner Anton Goldstein commented, “We are delighted to have advised Despegar on this important transaction. We started working with Despegar in 2017 on its initial public offering on the New York Stock Exchange and have worked closely with the company and management even since. The merger with Prosus represents an important milestone for Despegar and we wish the company, management and Prosus every success.”