HomeToGo (HTG) M&A Announcement summary

Deal rationale and strategic fit

• Acquisition positions the group as Europe's leading vacation rental platform, combining a top marketplace with a large, mostly exclusive portfolio of over 40,000 high-quality rentals across 20+ countries and leveraging a proven track record in scaling and integrating businesses.

• The deal transforms the B2B segment into the group's largest revenue contributor and enhances recurring revenue streams.

• Builds on a decade-long partnership, with Interhome continuing to operate independently under its existing management, reducing integration risk.

• The acquisition leverages the acquirer's technology-driven marketplace and supports further growth and roll-up M&A in Europe.

Financial terms and conditions

• Upfront cash consideration of CHF 150 million (approx. €160 million), financed by a €75 million senior debt facility and an €85 million equity raise through a capital increase.

• Deferred payments up to CHF 85 million (approx. €90 million) to be paid in tranches from 2026 to 2029, not performance-based.

• Purchase price equates to a 6.5x EV/2024e Adj. EBITDA multiple (10.2x including deferred payments).

• Interest rate on senior loan is 575 basis points over three-month Euribor.

• Capital increase involved issuing 53,125,000 new Class A shares at €1.60 each, raising €85 million.

Synergies and expected cost savings

• Immediate cost optimizations of €3-5 million by eliminating intercompany costs and centralizing resources.

• Additional €5-7 million in adjusted EBITDA from integrating existing assets and contracts.

• Long-term value creation from marketing efficiency, dynamic pricing, advanced tech solutions, and expanding supply through further M&A.

• Integration aims to grow the homeowner base, increase marketing efficiency, and leverage technology to optimize returns and occupancy rates.

• Short-term synergies expected within 1-2 years, midterm within 2-5 years.