07:44 AM EST, 12/23/2024 (MT Newswires) -- Despegar.com ( DESP ) said Monday it has entered into a definitive agreement to be acquired by Prosus in an all-cash transaction valued at around $1.7 billion.

Under the terms, Prosus will pay $19.50 per share, a 34% premium over Despegar's 90-day volume-weighted average price as of Dec. 20.

Despegar said its board has approved the deal and certain shareholders, including the holder of the company's Series A preferred shares, have entered into voting agreements to support the transaction.

The acquisitioin, which is expected to close in Q2, is subject to shareholder and regulatory approvals.

Despegar shares were 32% higher in premarket trading.