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Stock Market & Financial Investment News

News Breaks
July 6, 2014
20:26 EDTEXPEExpedia buys Australia's Wotif Group for A$703M
Expedia announced that it entered into an agreement to acquire Wotif.com Holdings Limited, an Australian-based online travel company, for total cash consideration of A$703M or A$3.30 per share - a premium of approximately 30% to Wotif Group's volume weighted average share price for the five trading days leading up to and including July 4, equivalent to US$658M or $3.09 per share based on July 4 exchange rates. 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. Wotif Group recorded A$593M in gross bookings and A$76M in revenue, in addition to generating 3.2M room nights, during the six months ended December 31, 2013. Its multi-product portfolio focuses primarily on hotel and air, offering consumers more than 29,000 bookable properties in destinations around the world. The completion of the acquisition is subject to approval by the shareholders of Wotif.com Holdings Limited and other customary closing conditions, including applicable regulatory approvals. Subject to receipt of such approvals, the transaction is expected to close during Q414.
News For EXPE From The Last 14 Days
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March 27, 2015
13:32 EDTEXPESabre in talks for non-U.S. acquisition in travel network business
In a regulatory filing, Sabre (SABR) reports that the Hawaii Supreme Court ruled this month that Expedia's (EXPE) Travelocity is not subject to Hawaii’s transient accommodation tax but is subject to its general excise tax. The court further ruled that an income splitting provision that benefits Travelocity applies to the general excise tax. Sabre initially paid $34M in 2013 in order to appeal the matter and expects to receive a majority of this amount back as a result of this ruling. The company also reports that as of the date hereof, Sabre is involved in active negotiations for a potential non-U.S. acquisition within the travel network business segment for which it is possible that it will enter into an agreement in Q2. If consummated, it anticipates that the acquisition would close in Q2/Q3 and require approximately $500M in funds. With respect to its consolidated income statement for the year ended December 31, on a pro forma basis, it expects the acquisition would have resulted in a revenue increase of approximately $250M and would have resulted in a modest increase in adjusted EBITDA. In 2015, it expects the transaction would be approximately neutral to adjusted EPS, and would have a positive impact on adjusted EPS thereafter.
March 25, 2015
17:37 EDTEXPEExpedia, Orbitz receive second information request from DoJ
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