The international law firm Milbank, Tweed, Hadley & McCloy LLP advised ProSiebenSat.1 Media SE on the acquisition of Etraveli, a leading pan-European online travel agent for flights. With this deal ProSiebenSat.1 is further expanding its eCommerce business activities. Via its investment subsidiary 7Travel, the TV Group has acquired Etraveli Holding AB, based in Uppsala, Sweden. ProSiebenSat.1 has acquired 100% of the shares in Etraveli from Segulah IV L.P., a private equity company in the Nordic region, for an overall valuation of approximately 235 million euros.
For ProSiebenSat.1, Etraveli represents its largest international investment in the eCommerce field to date and is an ideal supplement to the travel portfolio of umbrella brand 7Travel: In addition to airline tickets, the portal offers a wide variety of other travel-related services, such as hotel accommodations and rental car reservations. The company operates in 40 countries and on four continents through brands such as Supersaver, Gotogate, Travelstart, and Seat24. In addition, Etraveli operates in Sweden the airline price comparison websites Flygresor.se and Charter.se.
The acquisition is still subject to approval by the German Federal Cartel Office.
A Milbank team headed by Martin Erhardt comprehensively advised ProSiebenSat.1 on corporate and tax law in relation to the transaction.
Advisor to ProSiebenSat.1 Media SE: Milbank, Tweed Hadley & McCloy LLP
Martin Erhardt (lead, Corporate/M&A, Munich), Thomas Kleinheisterkamp (Tax, Munich), Mathias Eisen, Thomas Ingenhoven (both Banking & Finance, Frankfurt), Associates: Markus Messinger (Corporate/M&A, Frankfurt), Julia Anne Schmidt (Banking & Finance, Frankfurt), Susann Brackmann (Corporate/M&A, Munich)
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm founded in 1866 in New York City. Today Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, New York, São Paulo, Seoul, Singapore, Tokyo and Washington, DC and is present in all major financial and economic centers of the world. Milbank focuses its worldwide legal services in the areas of finance, transactions and litigation.
The first European office was opened in 1979 in London, followed by Frankfurt in 2001 and Munich in 2004. Due to the close cooperation of the German offices with the finance, corporate, cartel and tax lawyers practicing in other Milbank offices, in particular London and New York, Milbank Germany is in a position to provide fully integrated legal advice on the highest level in all these core areas pursuant to German, English and US law.
