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. This is announced by both companies in a joint statement. According to the statement, both have signed a letter of intent. The IPO would be the first tech-spac in Europe. However, the agreement has not yet been finalized. A takeover sum is also not mentioned. After the announcement, the share price of Spac fell.

Hommels had already issued 27.5 million Lakestar shares to institutional investors in February, raising more than 275 million euros. The stock was subsequently listed on the Frankfurt Stock Exchange - the first Spac share in more than a decade. A Spac involves taking an empty shell of a company public. The IPO is meant to raise the money needed to buy a startup and take it public through that route.

"Hometogo has a proven business model with stable growth, healthy profitability," says investor Hommels. "Most importantly, it has demonstrated resilience in the Corona pandemic." The goal is clear: Hometogo is 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 holiday homes there.