Expedia has agreed to acquire Australian hotel booking website Wotif.com and its other businesses for A$703m ($658m).
Wotif Group operates online travel brands in the Asia-Pacific region including Wotif.com, lastminute.com.au, travel.com.au, LateStays.com, and GoDo.com.au.
Under the deal, Expedia Group will pay A$3.06 ($2.8) per share to acquire all of the Wotif Group as the US-based company widens its exposure to the fast-growing Asia-Pacific travel market.
Expedia chief executive Dara Khosrowshahi said Wotif Group is well positioned in the Asia-Pacific region with a portfolio of leading travel brands.
"This acquisition will allow both companies to continue driving growth opportunities by leveraging the unique strengths each brings to the table.
"Wotif Group will add to our collection of travel’s most trusted brands and enhance our Asia-Pacific supply, while Expedia will expose Wotif Group’s customers to our extensive global supply and world-class technology," Khosrowshahi added.
Wotif chairman Dick McIlwain said it was the best way to leverage Wotif’s brand in the global travel market.
The transaction, subject to the approval by the shareholders of Wotif.com Holdings and other customary closing conditions, including applicable regulatory approvals, is expected to close during the fourth quarter of 2014.
Image: Expedia to acquire hotel booking website Wotif. Photo: courtesy of freedigitalphotos.net/stockimages.