Lakestar Will Take HomeToGo Public in $1 Billion Bet on Vacation Rental Search
Skift Take
HomeToGo's move to go public is a validation of the booming vacation rental sector. It's also a rare accomplishment for a German-based startup. Europe had been playing a catchup game with Silicon Valley, but no longer.
HomeToGo, a travel startup focused on vacation rental price-comparison for consumers and software for property managers, announced on Wednesday its planned merger with blank-check company Lakestar SPAC I, via a regulatory filing in Germany.
The planned $1.41 billion (€1.2 billion) transaction, including debt, would give Berlin-based HomeToGo an enterprise value of $1.01 billion (€861 million). The companies expect the merger to occur in the third quarter and list their merged entity on the Frankfurt Stock Exchange under the ticker "HTG."
Lakestar SPAC I investors and founders are expected to retain 25 percent in the combined company. The deal depends on the okay of its shareholders. The current HomeToGo shareholders, convertible lenders, and holders of virtual options are expected to retain 69 percent of the post-transaction equity in aggregate.
Lakestar's SPAC, or special purpose acquisition company, is controlled by European venture fund Lakestar, which has previously invested in HomeToGo. Lakestar has joined other investors, including European family offices specializing in tech investments and European tech entrepreneurs, in com
