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Expedia agrees to buy Wotif for $658 million

Published July 7, 2014 10:35 am
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Bellevue, Wash. • Expedia Inc. says it has agreed to pay $658 million for Wotif.com Holdings Ltd., an online travel company that covers the Asia-Pacific region.

Expedia said Sunday it offered $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 $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-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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