Lakestar wants to take Hometogo public

Both companies have signed a letter of intent. However, the IPO is not yet final.

Investor Klaus Hommels' Spac Lakestar has found a takeover candidate: The German Airbnb competitor is to go public. The two companies announced this in a joint statement. Both have signed a letter of intent. The IPO would be the first tech space in Europe. However, the agreement has not yet been finalized. A takeover sum is also not mentioned. Following the announcement, the Spac share price fell.

Hommels had already issued 27.5 million Lakestar shares to institutional investors in February and raised more than 275 million euros. The share was then listed on the Frankfurt Stock Exchange - the first Spac share in more than a decade. In a Spac, an empty company shell is floated on the stock exchange. The IPO is intended to raise the money needed to buy a start-up and bring it to the stock exchange via this detour.

"Hometogo has a proven business model with stable growth and healthy profitability," says investor Hommels. "Above all, it has proven to be highly resilient during the coronavirus pandemic." The goal is clear: Hometogo aims to become the global player from Europe in the travel business.

Hometogo was founded in 2014 and has more than 250 employees. Tens of thousands of providers in 23 countries list vacation rentals there.