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HotelPlanner, Reservations.com Call Off $688M Merger

 |  February 14, 2022

Astrea Acquisition, travel tech company HotelPlanner and online hotel booking platform Reservations.com have mutually ended their $688 million merger deal, reported Reuters.

“All three companies believe that terminating the business combination is the best path forward for all parties,” the companies said in a statement, without citing a reason.

HotelPlanner, Reservations.com and Astrea decided to merge in August last year, with the deal potentially resulting in cash proceeds of $120 million for the combined entity.

Astrea went public in a $150 million initial public offering in February last year. Special purpose acquisition companies (SPACs) typically have up to two years to hunt for a company to take public, failing which they must return their shareholders’ money.

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