Expedia to acquire Orbitz
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Expedia Inc has announced it has entered an agreement to acquire Orbitz Worldwide.
The online travel agent has taken over Orbitz’s brands for US$12 per share in cash, representing a value of approximately US$1.6 billion. The board of both companies has approved the transaction .
“We are attracted to the Orbitz Worldwide business because of its strong brands and impressive team. This acquisition will allow us to deliver best-in-class experiences to an even wider set of travelers all over the world,” said Dara Khosrowshahi, president and CEO, Expedia, Inc. “From the flagship Orbitz.com brand, to other well-known consumer brands such as CheapTickets, ebookers and HotelClub and the business-to-business brands Orbitz Partner Network and Orbitz for Business, the Orbitz Worldwide team has built a devoted customer base and we look forward to welcoming them to the Expedia, Inc. family.”
Barney Harford, CEO, Orbitz Worldwide added: “We’re excited for Orbitz Worldwide to join the Expedia, Inc. family and for our teams to work together to further enhance the offerings we provide to our customers and partners.”
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