Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

EXPEDIA GROUP, INC.

(EXPE)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Lodging startup Sonder agrees to go public via $2.2 bln SPAC deal

04/30/2021 | 06:21am EDT

April 30 (Reuters) - Lodging startup Sonder, which offers refurbished properties for short-term rentals, has agreed to go public through merging with a blank-check firm backed by billionaire investors Alec Gores and Dean Metropoulos that values the combined company at around $2.2 billion.

The deal with Gores Metropoulos II will give the hospitality startup $650 million of cash proceeds, including a private placement of $200 million from investors such as Fidelity Management & Research Company LLC and BlackRock Inc .

Shares of Gores Metropoulos II rose 0.5% in afternoon trading on Friday.

San Francisco-based Sonder works with real estate developers, who build the properties that Sonder later operates under its brand name. The business was heavily impacted when the global pandemic brought the travel industry to a halt last year, but has rebounded as it targets millennial leisure travelers, said Chief Executive and co-founder Francis Davidson.

Sonder reported $116 million in revenue last year, a 19% drop year-over-year. It operates over 300 properties in 35 markets, with plans to invest in tech, expand to news regions, and sign more properties.

"I think you can view us as a next-generation Marriott," Davidson said, adding that Sonder partners with companies including Expedia Group Inc, Airbnb Inc and Booking.com to reach out to customers.

Sonder expects to hit $4 billion of revenue in 2025 and touts its technology-driven service model can reduce operating costs compared with traditional hotels.

Launched in 2014, Davidson came up with the idea for Sonder while managing a few apartments for short-term stays as a university student in Montreal.

GM II raised $450 million through an initial public offering in January. Gores Group, a prolific dealmaker in the space, has raised 13 special purpose acquisition companies (SPACs) so far. SPACs are shell companies that raise funds to take a private company public through a merger at a later date.

Goldman Sachs serves as the financial advisor to Sonder, while Morgan Stanley is the lead financial advisor to Gores Metropoulos. (Reporting by Sohini Podder in Bengaluru; Editing by Ramakrishnan M. and Nick Zieminski)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIRBNB, INC. 1.21% 152.52 Delayed Quote.3.90%
EXPEDIA GROUP, INC. -1.80% 162.93 Delayed Quote.23.06%
GORES METROPOULOS II, INC. 0.00% 9.92 Delayed Quote.0.00%
All news about EXPEDIA GROUP, INC.
06/17Tech Up On Rotation Into Growth Sectors -- Tech Roundup
DJ
06/14AIRBNB  : and Vrbo announce partnership, address "party houses"
AQ
06/11EXPEDIA GROUP, INC.  : Submission of Matters to a Vote of Security Holders (form..
AQ
06/10BARRY DILLER : 'Netflix won some time ago' -Barry Diller
RE
06/10EXPEDIA  : ERevMax Attains Preferred Connectivity Partner Status with Expedia Gr..
AQ
06/02EXPEDIA GROUP  : to Participate in the Evercore ISI Inaugural TMT Conference
BU
06/02EXPEDIA  : Save the Date! Expedia Announces First-Ever Expedia Travel Week Kicki..
PR
05/27EXPEDIA  : Announces VIP Access Drives Demand Faster Campaign
PU
05/27RBC Launches Coverage of 13 Internet Stocks, Names Zillow, Uber, DoorDash, Ly..
MT
05/27EXPEDIA  : RBC Assumes Coverage of Expedia at Sector Perform, Sets Price Target ..
MT
More news
Financials (USD)
Sales 2021 8 213 M - -
Net income 2021 -553 M - -
Net Debt 2021 3 130 M - -
P/E ratio 2021 -53,1x
Yield 2021 -
Capitalization 23 946 M 23 946 M -
EV / Sales 2021 3,30x
EV / Sales 2022 2,33x
Nbr of Employees 19 100
Free-Float 42,5%
Chart EXPEDIA GROUP, INC.
Duration : Period :
Expedia Group, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends EXPEDIA GROUP, INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 191,00 $
Last Close Price 162,93 $
Spread / Highest target 47,3%
Spread / Average Target 17,2%
Spread / Lowest Target -7,32%
EPS Revisions
Managers and Directors
NameTitle
Peter M. Kern Vice Chairman & Chief Executive Officer
Eric M. Hart Chief Financial & Strategy Officer
Barry Charles Diller Chairman
Tucker Moodey President-Retail Product & Technology
Rathi Murthy CTO & President-Expedia Services
Sector and Competitors
1st jan.Capitalization (M$)
EXPEDIA GROUP, INC.23.06%23 946
BOOKING HOLDINGS INC.0.69%92 065
TRIP.COM GROUP LIMITED9.34%23 509
TONGCHENG-ELONG HOLDINGS LIMITED34.00%5 697
TRIPADVISOR, INC.41.77%5 586
MAKEMYTRIP LIMITED-1.56%3 002