Lastminute buys WAYN for Just $1.2m
Social travel network WAYN was rescued from insolvency by Lastminute after the Swiss-based company agreed to acquire its assets for a mere USD 1.2 million in a controversial “pre-pack” deal.
Over the course of its 14-year history, WAYN had raised USD 11 million from investors so the USD 1.2 million payday did not please many investors.
A pre-pack purchase is common in the UK and is controversial because the buyer doesn’t have to take on the company’s debts or onerous contracts.
WAYN was launched in 2002 before Facebook and before Twitter. Despite raising more than USD 11 million since its inception the company’s money problems in early 2015 led it to seek further working capital with a total of USD 415,000 (GBP 340,000) being raised.
A Lastminute spokesperson said WAYN would be “integrated with lastminute.com group’s new media business, the ‘Travel People.’ Its business complements and expands Lastminute's offering in Europe.
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