Expedia has completion of the acquisition of Wotif Group.
The global online travel site purchased its Australia-based rival for a total of AU$703 million (US$612m), or AU$3.30 per share, following a deal first announced in July this year.
In the coming weeks, Expedia said it now expects to work with the Wotif team to “[evaluate] the available long-term strategic options for the Wotif Group businesses”. In the meantime, both companies said they would continue operating “under a business as usual philosophy”.
“We are thrilled to officially welcome Wotif Group and its terrific brands to the Expedia Inc family,” said Dara Khosrowshahi, president & CEO of Expedia. “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 Inc’s global portfolio.”
Wotif Group operates a series of 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. The company recorded AU$593m in gross bookings and AU$76m in revenue in the six months to 31 December 2013, generating 3.2m room nights.
“This is an exciting milestone, and an important one for the Wotif Group team,” said Scott Blume, managing director & CEO of Wotif Group. “By aligning ourselves with a powerful global leader in online travel we have taken a vital strategic step forward in our effort to revitalise the iconic brands of the Wotif Group. We simply couldn’t ask for a better partner than Expedia Inc,” he added.
Wotif will now join Expedia’s stable of brands, which also includes Hotels.com, Hotwire, Egencia, eLong, Venere.com, trivago and CarRentals.com.