OYO to buy @Leisure for 370 million

OYO to buy @Leisure for 370 million
OYO to buy @Leisure for 370 million

OYO is set to acquire Amsterdam-based vacation rental company @Leisure Group from Axel Springer for about €370 million euros (Rs 2,885 crore), in one of the biggest acquisitions of a foreign firm by an Indian unicorn. The transaction is expected to close by next month. SoftBank-backed OYO, which is trying to establish bases in Europe, the UK and the US, has been in talks with @Leisure over the past six months. This acquisition would help OYO move a step closer to realising its vision of becoming a global real estate brand while maintaining leadership in the hospitality industry, the company said in a statement. Ritesh Agarwal, Founder, OYO, said: “We are excited to continue maintaining our global industry leadership. @Leisure has proven capabilities in helping develop Europe into a vacation rentals hotspot. It is a business decision closely aligned with our overall mission that has incredible potential.” Globally, OYO is present in over 500 cities across 10 countries and hosts millions of guests in over 18,000 hotels and homes in 515,000 rooms. The company's sales in December stood at $1.8 billion, growing roughly at 4.3x year-on-year. It claims to be the world's sixth-biggest hotel brand by room numbers.

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