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Airbnb has finalized the acquisition of last minute hotel reservation application, HotelTonight, the company announced Monday. This is the largest merger and acquisition transaction of Airbnb to date. It will accelerate the growth of the giant of the shared house in the perspective of its IPO.
Airbnb reportedly began negotiations to acquire HotelTonight a few months ago and finally confirmed its intention to acquire the company in early March. Reports indicated a price tag of more than $ 400 million; Airbnb declined to comment on the size of the transaction.
As part of this agreement, HotelTonight co-founder and CEO, Sam Shank will lead the category of boutique hotels at Airbnb, one of the company's newest units, designed to help it expand beyond tree houses and original homes.
"When we founded HotelTonight, we sought to reinvent the hotel reservation experience to make it simpler, faster and fun, and to better connect travelers to the best independent shops and hotels. of the world, "Shank said in a statement. "We are excited to take this vision to new heights within Airbnb."
Shank launched the San Francisco-based company in 2010. More recently, it was valued at $ 463 million with E-Series financing of $ 37 million in 2017, according to PitchBook. HotelTonight raised a total of $ 131 million in equity from venture capital firms, including Accel, Battery Ventures, Forerunner Ventures and First Round Capital.
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