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Expedia takes over an online travel company in Asia-Pacific

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Published on 07/07/14 - Updated on 17/03/22

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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.
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