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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.
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September 16, 2014
07:57 EDTEXPEFBN Securities to hold a tour
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September 4, 2014
07:18 EDTEXPEACCC cites competition concerns about Expedia proposed acquisition of Wotif
The Australian Competition and Consumer Commission has released a Statement of Issues outlining competition issues that have arisen to date from the ACCC’s review of the proposed acquisition of Wotif.com Holdings by Expedia. The ACCC is exploring whether the removal of Wotif from the Australian market has the potential to increase the rate of commissions charged to hotels and other accommodation providers in Australia. The ACCC’s preliminary view is that bricks and mortar travel agents are unlikely to be a strong constraint on the operations of OTAs and therefore do not form part of the relevant market. “The ACCC is seeking further information to determine whether the proposed acquisition is likely to substantially lessen competition in the market for the online distribution of Australian accommodation,” ACCC Chairman Rod Sims said. Reference Link

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