Despegar.com (DESP) announced a strategic partnership with HBX Group. Through this partnership Despegar plans to offer its customers wider access to HBX Group’s range of accommodations and travel solutions. Under the terms of the agreement with HBX Group, HBX Group undertook to make an advance payment to Despegar; and Despegar is required to meet certain booking targets relating to HBX Group originated products booked through Despegar’s platform over an anticipated period of approximately eight and a half years. The failure by Despegar to meet such booking targets over the course of certain pre-established measurement periods may result in Despegar being subject to certain penalties, including the payment to HBX Group of a percentage of the shortfall amount. The outsourcing agreement also contains other customary covenants, representations and undertakings.
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