Lastminute.com has been sold to European online travel agent, Bravofly Rumbo for $120 million (£76 million).

The travel site, which became one of the best-known names of the dotcom era, has been sold for a fraction of the price it fetched almost a decade ago, when it was sold to US firm Sabre Holdings for £577 million.

Sabre indicated in August it was looking to sell Lastminute.com to focus on its core technology operations, which handle more than a third of the world's travel agency transactions.

Fabio Cannavale, Chairman of Bravofly Rumbo Group, said the firm was a "perfect fit".

"Its business complements and expands our offering in Europe and, with its strong presence in the hotel and vacation sector, diversifies our product revenue streams," he added.

The deal is expected to be completed in the first quarter of 2015.