February 15, 2018
Latham & Watkins advised Platinum Equity on the agreement to acquire Wyndham Worldwide’s European vacation rental business for approximately US$1.3 billion. The transaction is expected to close in the second quarter of 2018, subject to customary closing conditions including works council consultation.
Wyndham's European vacation rental business is the largest manager of holiday rentals in Europe, with more than 110,000 units in over 600 destinations in more than 25 countries. The business operates more than two dozen local brands, including cottages.com, James Villa Holidays, Landal GreenParks, Novasol, and Hoseasons. It generates approximately $750 million in annual revenue and approximately $130 million of EBITDA, including allocated costs.
The Latham & Watkins team was led by London partner Tom Evans and Washington D.C. partner David Brown, with London associates Doug Abernethy, Maarten Overmars, Frederick Brodie, and Cigi Puthuppally. Advice was also provided on debt financing by London partner Dominic Newcomb with associate Matthew Hope.