Lastminute owner agrees takeover

Lastminute made its founders very wealthy

The US owner of online travel and entertainment retailer Lastminute.com is to be bought for $4.5bn (£2.2bn).

Sabre Holdings, which bought Lastminute for $1.1bn last year, has now in turn agreed to be taken over by two US venture capital firms.

Analysts said the deal, the latest in a series of takeovers of online booking firms, reflected strong consumer demand for travel and internet purchases.

Lastminute was launched in 1998 by Brent Hoberman and Martha Lane Fox.

'Leadership position'

Mr Hoberman stood down as chief executive earlier this year while Ms Lane Fox left the business in 2003.

Sabre also owns Travelocity, the second-largest online travel booking business in the US.

The deal will see Silver Lake Partners and Texas Pacific Group pay $32.75 per share for Sabre, which was once part of American Airlines.

"We are excited by the opportunity to invest in Sabre given its leadership position in travel technology and distribution and the strength of Travelocity and its other leading online brands," said Karl Peterson, a partner with Texas Pacific.

Analysts said the deal should not have any impact on users of Lastminute or Travelocity.