In an acquisition put through the upheaval of the pandemic, Despegar said Thursday it would now acquire the Mexican travel agency Best Day at a discounted price.
In January, Despegar first proposed buying Best Day for $136 million. But later during the first signs of a travel downturn from the pandemic, the Argentine-based travel agency sought to renegotiate the price.
Despegar will now pay about $56.5 million for Best Day, payable over three years without a cash outlay. The company will pay up to $20 million extra within two years, depending on additional terms tied to share price.