Expedia closes Wotif sale

BRISBANE, 19 November 2014: Expedia has completed its acquisition of Wotif.com Holdings Limited (Wotif Group) for a cash consideration of AUD703 million or AUD3.30 per share (equivalent to USD612 million or USD2.87 per share based on November 13, 2014 exchange rates).
The total consideration of AUD703 million was comprised of a AUD51 million special dividend distributed by the Wotif Group to its shareholders before closing and AUD652 million in cash from Expedia Inc.
In the coming weeks, Expedia will work with the Wotif Group team to conclude its ongoing evaluation of the available long-term strategic options for the Wotif Group businesses with an eye towards strengthening the potential of the Wotif Group’s brands for its customers and partners.
inside no 9In the meantime, both companies will continue operating under a “business as usual” philosophy.
“We are thrilled to officially welcome Wotif Group and its terrific brands to the Expedia family,” said Expedia CEO Dara Khosrowshahi. “This acquisition will allow us to continue expanding our business in the Asia-Pacific region and will allow Wotif Group’s customers and partners to benefit from Expedia’s global portfolio.”
Wotif Group operates online travel brands in the Asia-Pacific region including, Wotif.com, lastminute.com.au, travel.com.au, Asia Web Direct, LateStays.com, GoDo.com.au and Arnold Travel Technology. Its multi-product portfolio focuses primarily on hotel and air, offering consumers more than 29,000 bookable properties in destinations, worldwide.

sourced:ttrweekly.com