ALLENS Arthur Robinson has acted for Yahoo!7 in its acquisition of totaltravel.com, the online travel information marketplace.
The transaction, the first for Yahoo!7, was lead by Allens partners Jeremy Low in mergers and acquisitions, Ian McGill in communications, media and technology, and lawyers Andrew Tchadovitch, Matt Vitins and Sandy Wu. The Allens team did all regulatory advice, due diligence, documentation and structuring.
PFM Legal acted for Totaltravel.com on the deal.
The site, which attracts about 1.2 million unique browsers each year, with earning of $3 million, according to Smart Company, is the second largest online information site behind Wotif.com.
Yahoo!7 acquired the travel information firm for about $20 million in a bid to grow its share of the Australian travel and leisure market.
Over the next six months the online portal will integrate the travel website's listings across categories including accommodation, restaurants, events, shops, attractions and travel.
Rohan Lund, CEO of Yahoo!7, said the acquisition will be beneficial for both consumers and advertisers. He said users will be given more relevant content and advertisers more engaged audiences.
Like this story? Read more: