OYO Room is moving its wings and spreading the branches of acquisitions by buying a premium brand of Europe Leisure Group.
The deal was signed with €360 million which was the first international investment in India based firm in private accommodation market.
Leisure Group, through its Belvilla, DanCenter, and Danland brands, offers more than 30,000 fully managed holiday homes across 13 countries in Europe and through its Traum-Ferienwohnungen brand, offers a subscription-based home management service with over 85,000 homes across 50 countries.
As per the news, the deal is in two parts, with German media and internet giant Axel Springer selling its 51% stake in the business for €180 million and the rest going to other shareholders. Axel Springer invested in @Leisure five years ago.
chief strategy officer at OYO Maninder Gulati says to lead news agency that, “With Europe spearheading the vacation and urban home rental trend globally, @Leisure Group is uniquely positioned to capitalize on its experience and insights aided with OYO’s full-stack approach towards building the world’s largest global vacation rentals business.
He added SoftBank had played a key role in the Leisure deal. “When we were doing due diligence, some of those guys were in the room with us. They’ve been there with us in the trenches,” he said.