Expedia Buys Orbitz for $1.6 Billion
Online travel company Expedia is buying its competitor Orbitz for $1.6 billion in cash. The deal comes just a month after Expedia acquired Travelocity for $280 million.
Expedia will offer $12.00 per share in cash, a premium of about 29 percent over the average share price for the five trading days up to and including February 11, 2015.
With the three companies now consolidated into one entity, Expedia is essentially at the helm of the largest travel player in the online booking space. Orbitz Worldwide includes brands such as CheapTickets, ebookers and HotelClub and the business-to-business brands Orbitz Partner Network and Orbitz for Business.