Online travel-booking company Expedia is buying Australia’s Wotif.com Holdings for A$703 million ($658 million U.S.), seeking to expand its presence in the Asia-Pacific region.
Wotif investors will get A$3.06 a share from Bellevue-based Expedia and a special dividend of 24 cents, the Brisbane-based company said in a regulatory filing. The offer is a 25 percent premium to Wotif’s last market close.
Travel websites have been seeking revenue through acquisitions as more people book trips online. Internet travel sales may reach $151.9 billion by 2016 from $107.4 billion in 2011, according to eMarketer.
Expedia CEO Dara Khosrowshahi said in a statement, “Wotif Group is well positioned in the Asia-Pacific region with a portfolio of leading travel brands.”
- More pet-food recalls linked to potential salmonella contamination
- Man drowns in Lake Washington after hopping off boat
- Seattle company copes with backlash on $70,000 minimum wage
- Seahawks' decision shows faith in Brandon Mebane, and the team's Superstar Strategy
- Impressions from day 3 of Seahawks training camp --- Christine Michael, the center position, Tyler Lockett, and more
Most Read Stories
Wotif Group recorded A$593 million in gross bookings and A$76 million in revenue, in addition to generating 3.2 million room nights, during the six months ended Dec. 31, 2013, Expedia said. The transaction is expected to close during the fourth quarter.