the republic logo

Expedia agrees to buy online travel company Wotif for $658 million to expand in Asia-Pacific

Share/Save/Bookmark

BELLEVUE, Washington — Expedia Inc. says it has agreed to pay 703 million Australian dollars ($658 million) for Wotif.com Holdings Ltd., an online travel company that covers the Asia-Pacific region.

Expedia said Sunday that it offered 3.30 Australian dollars ($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 76 million Australian dollars ($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.

Think your friends should see this? Share it with them!

All comments are moderated before posting. Your email address must be verified with Disqus in order for your comment to appear.
View our commenting guidelines and FAQ's here.

Story copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2014 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.