Argentine online travel company, Corp. has agreed with Falabella Financiero, part of Chilean retailing company Falabella, to establish a 10-year commercial agreement.

Under the deal, Despegar will buy 100 percent share ownership of travel firm Viajes Falabella’s operations, including those in Chile, Colombia, Peru and Argentina, together with the license to use the Viajes Falabella brand name for a total consideration of $27 million.

With this transaction, the term of which could be extended, clients of both companies will have access to an enhanced travel and tourism product and service offering, through an omnichannel service model.

The deal is subject to customary closing conditions, including approval of the relevant antitrust authority. In 2018, Viajes Falabella booked circa $50 million in revenues.