Expedia completes Wotif acquisition
Expedia, Inc. and Wotif.com Holdings Limited (Wotif Group) have announced completion of the acquisition of Wotif Group by Expedia, Inc. for A$703 million or A$3.30 per share (equivalent to US$612 million or US$2.87 per share based on November 13, 2014 exchange rates).
The total consideration of A$703 million was comprised of a A$51 million special dividend distributed by the Wotif Group to its shareholders before closing and A$652 million in cash from Expedia, Inc.
Expedia Inc. president and chief executive officer Dara Khosrowshahi said, “We are thrilled to officially welcome Wotif Group and its terrific brands to the Expedia, Inc. family. 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 managing director and chief executive officer Scott Blume said, “This is an exciting milestone, and an important one for the Wotif Group team. By aligning ourselves with a powerful global leader in online travel we have taken a vital strategic step forward in our effort to revitalize the iconic brands of the Wotif Group. We simply couldn’t ask for a better partner than Expedia, Inc.”
Wotif Group operates 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. Its multi-product portfolio focuses primarily on hotel and air, offering consumers more than 29,000 bookable properties in destinations around the world.