Word has just come in that TripAdvisor has acquired Jetsetter, Gilt’s private community for exclusive travel deals.
Reports back in October had suggested that Gilt was attempting to spin off Jetsetter at a rumored price somewhere between $30 million and $50 million. These reports came just months after Jetsetter CEO Drew Patterson was asked to step down following so-called “mutiny” among the employees and an exodus of senior executives.
At the end of last year, Jetsetter accounted for less than 10 percent of Gilt’s overall revenue. With Gilt looking to go public sometime this year, holding on to an underperforming side project with unhappy employees just wasn’t a good move.
By the beginning of last month, it seemed as if the deal was pretty much sealed. Though a few other potential buyers were said to be circling (Travelzoo, Expedia, and American Express were named at the time), TripAdvisor was pinned as the most likely buyer.
It appears that the Jetsetter brand will be maintained for the time being, with operations continuing out of the company’s New York City office.
The terms of today’s acquisition have not been disclosed, though we are, of course, digging for more.