Travelocity to buy lastminute.com

Online travel group lastminute.com is to be bought up by the owner of rival Travelocity in a deal worth £577m (€843.8m), it was announced today.

US-based Sabre Holdings said it had agreed the terms of a takeover of lastminute, which floated on the London Stock Exchange during the dotcom boom in March 2000.

The deal was announced a day after lastminute shares soared 48% in the wake of its confirmation that it had received a takeover approach.