Expedia to pay $703 million for Wotif
US travel giant Expedia has just announced an agreement for the aquisition of Wotif.com Holdings Limited, for a total cash consideration of $3.30 per share, making the deal worth $703 million.
The acquisition is priced at about 30% above Wotif’s average share price last week, with Expedia ceo Dara Khosrowshahi saying “Wotif Group is well positioned in the Asia-Pacific region with a portfolio of leading travel brands.
“This acquisition will allow both companies to continue driving growth opportunities by leveraging the unique strengths each brings to the table,” he said.
Wotif brands include Wotif.com, lastminute.com.au, travel.com.au, Asia Web Direct, LateStays.com, GoDo.com.au and Arnold Travel Technology, with the group recording $593 in TTV and $76m in profit for the six months to 31 December.
Wotif ceo Scott Blume said “Joining Expedia allows us to rapidly advance two of our strategic initiatives – strengthening offshore supply and improving our customer and supplier value propositions through enhanced tehnology.”
More information in today’s Travel Daily.