Expedia is creation waves overseas. The Bellevue-based online transport hulk announced Monday morning that it skeleton to buy Australian online transport association Wotif.com for $658 million in cash.
Wotif Group operates online transport brands in a Asia-Pacific such as Wotif.com, lastminute.com.au, travel.com.au, Asia Web Direct, LateStays.com, GoDo.com.au and Arnold Travel Technology. Wotif Group available $555 million in sum bookings for a 6 months finished Dec. 31, 2013, and income of $71 million.
“Wotif Group is good positioned in a Asia-Pacific segment with a portfolio of heading transport brands,” pronounced Expedia CEO Dara Khosrowshahi in a statement. “This merger will concede both companies to continue pushing expansion opportunities by leveraging a singular strengths any brings to a table. Wotif Group will supplement to a collection of travel’s many devoted brands and raise a Asia-Pacific supply, while Expedia will display Wotif Group’s business to a endless tellurian supply and world-class technology.”
Interestingly, a merger comes amid reports in a Chinese media that Expedia is looking to sell a 65 percent tenure interest in Chinese online transport association Expedia, a understanding that could fetch as most as $1 billion.
As a matter of corporate policy, Expedia, Inc. does not criticism on marketplace rumors relating to a business. Expedia records certain false rumors reported in Chinese media relating to a infancy tenure of eLong, Inc. Expedia stays a long-term financier in eLong and supports eLong’s expostulate to turn a heading Chinese transport site.
Expedia, with a market value of $10.55 billion, is down only over one percent in trade today. It is adult 29 percent in a past year.