Platinum seeks long-term stay with $1bn Hoseasons takeover
7 February 2018, 10:23
Some of Britain's best-known holiday brands, including Hoseasons, are on the verge of changing hands in a deal expected to be worth about $1bn.
Sky News has learnt that Platinum Equity, a US-based investor, has been negotiating the details of a takeover of Wyndham Worldwide's European vacation rentals business for the last few days.
If concluded, the acquisition would see the firm take control of James Villa Holidays and Cottages.com, as well as the more prominently marketed Hoseasons.
In total, the UK operations offer vacations at more than 30,000 holiday properties around the country.
The wider European business markets homes in countries including Croatia, Greece and Italy.
Wyndham, the hotel giant behind the Ramada chain, has been looking for a buyer for the European division for several months.
Platinum, which owns businesses such as the British outdoor advertising group Exterion Media, is said to have seen off a rival bid for the Wyndham assets from CVC Capital Partners.
Blackstone, another private equity firm which looked at the deal, did not submit a final bid, according to sources close to the auction.
Banking sources cautioned that a deal with Platinum had yet to be concluded and that the talks could still fall apart, although a deal could yet be signed in the coming days.
Airbnb was reported to be the leading bidder for the Wyndham brands, but has not been involved in the process for some time.
Deutsche Bank and Goldman Sachs are handling the sale process.
Neither Platinum and Wyndham could be reached for comment, while CVC declined to comment.
(c) Sky News 2018: Platinum seeks long-term stay with $1bn Hoseasons takeover