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Tuesday, April 23, 2024
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Expedia agrees to buy Wotif for $658M

By  Sun-Times Wire
   
SHARE Expedia agrees to buy Wotif for $658M

BELLEVUE, Wash. — Expedia Inc. says it has agreed to pay $658 million for Wotif.com Holdings Ltd., an online travel company that covers the Asia-Pacific region.

Expedia said Sunday that it offered $3.09 per share in cash, a 30 percent premium over Wotif’s average price last week.

Wotif sells hotel bookings and air travel through brands including Wotif.com, lastminute.com.au and travel.com.au. The company had revenue of $71.1 million during the last six months of 2013.

Expedia said the deal needs the approval of Wotif shareholders and is expected to close in the fourth quarter.

Bellevue, Washington-based Expedia runs its own brand website and others such as Hotels.com and Hotwire. The company lost $14.3 million in the first quarter.

Sam’s Club logs into online travel business

Orbitz buys Travelocity’s private-label business

THE ASSOCIATED PRESS

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