Lakestar SPAC I sets Sept 13 EGM to vote on HomeToGo merger
BERLIN, Aug 13 (Reuters) - Lakestar SPAC I said on Friday it would hold an extraordinary general meeting on Sept. 13 to vote on a proposed business combination with online travel company HomeToGo, in a first such deal of its kind in Germany.
Lakestar SPAC, the first "blank-cheque" company to float in Frankfurt, struck a deal last month that put an equity value of 1.2 billion euros ($1.4 billion) on HomeToGo, a marketplace for vacation rentals.
First-half revenues grew at Berlin-based HomeToGo by 30% to 30 million euros ($35 million) while net losses rose nearly threefold to 60 million euros, according to unaudited figures published on Friday.
HomeToGo also reported a 27% increase in gross booking value in the first half of this year to 904 million euros and confirmed its guidance that bookings would reach 1.6 billion euros and revenues 80 million euros for the year as a whole.
Shares in Lakestar SPAC, promoted by venture capitalist Klaus Hommels, traded at 9.75 euros on Friday in Frankfurt - below their 10 euro offer price. The merger will require a simple majority of the share capital present at the EGM to go through. ($1 = 0.8521 euros) ($1 = 0.8520 euros) (Reporting by Douglas Busvine Editing by Riham Alkousaa and Caroline Copley)
