Deal Closed | New Imagitas Inc | Acquisition of Lonely Planet Global Inc

The details of the deal are as under:

Sector: Hospitality, Leisure and Travel 

Announcement Date: 01-Dec-2020 

Completion Date: 01-Dec-2020 

Name & Contact Details of Client: New Imagitas Inc 

Acquirer details: New Imagitas Inc | USA  

New Imagitas, Inc. operates an online platform which provides travel information to frequent fliers. The company is based in Fort Mill, South Carolina. As of October 31, 2018, New Imagitas, Inc. operates as a subsidiary of Red Ventures, LLC. 

Target Details: Lonely Planet Global Inc | USA  

Lonely Planet Global, Inc. publishes open content travel guidebook providing information to traveller. 

Deal Description: Khaitan and Co acted as Indian Legal counsel to New Imagitas Inc on India leg of its acquisition of Lonely Planet Global Inc group companies including Lonely Planet India Private Limited. New Imagitas acquired a majority stake in Lonely Planet Global Inc (including its Indian subsidiary, Lonely Planet India Private Limited). 

The deal is aimed at bringing together the world's most helpful and trusted brands with a digital marketing platform and methodology that will allow New Imagitas Inc to serve millions of people that use their services every day. This acquisition will aid New Imagitas Inc in helping more people find the information and tools they need to make travel-related decisions. Lonely Planet employees from around the world will be joining Red Ventures - expanding the company's footprint to include Tennessee, Ireland, China and India. 

Total Consideration: Confidential 

Team Members: The core transaction team consisted of Rabindra Jhunjhunwala (Partner), Purti Minawala (Principal Associate), Aman Anand (Associate) and Mohit Rai (Associate) with assistance from Rahul Singh (Partner), Radhika Seth (Senior Associate) and Vasudhaa Ahuja (Associate) on Competition Law aspects of the transaction. 

Role of Firm: The Khaitan team assisted New Imagitas Inc in Indian law aspects including closing assistance, review of transaction documents and conducting due diligence on the Indian subsidiary (Lonely Planet India Private Limited). 

Other legal advisors if any with names of Lead Lawyers: Eversheds Sutherland USA (Core team): Michael J Voynich (Partner), Hunter Raines (Associate), Kyle Hunter (Staff Attorney). Eversheds Sutherland UK: Amanda Partland (Partner), Beckie Wrend (Associate) 

Unique Feature of Transaction: Lonely Planet has provided inspiring and trustworthy information for every kind of traveller for nearly 50 years. The international brand has helped hundreds of millions of travellers worldwide learn and enjoy amazing adventures each year through digital and print content, including mobile experiences and sought-after local guidebooks. Red Ventures aims to propel Lonely Planet into the digital era while remaining committed to publishing the guidebooks that have made Lonely Planet the iconic brand it is today. 

The Lonely Planet acquisition along with CNET Media Group, which Red Ventures acquired from ViacomCBS in October, builds on Red Ventures' vision of transforming the future of consumer journeys by bringing together personalized digital content with data-led insights and products to help consumers discover and decide across a variety of industries.