ASB acts on hotel site buy for first choice

ASB Law is celebrating its biggest deal to date after advising First Choice Holidays on its £120m takeover of Salford-based hotel booking website LateRooms.com. The firm, led by corporate partners Helen Mead and Matt Newman, advised its longstanding client as it did when the tour operator purchased Travel Class last year. LateRooms, owned by private equity firm ECI Partners, was advised by Eversheds Manchester partner Jonathan Robinson. The firms negotiated the deal within a 10-day deadline, with the IP issues of LateRooms as a web-based company one of a number of complexities encountered on the deal. First Choice has paid £108m up front for LateRooms, with a further £12m t come, depending on its performance over the next three years.