Expedia buying remaining stake in AirAsia OTA joint venture
Expedia is firming up its presence in Asia by buying out low cost carrier AirAsia’s remaining stake in their joint venture.
Expedia will take full control of Singapore based online travel agency AAE Travel Pte, paying about $60 million for AirAsia’s 25% stake.
The partnership began in 2011 as a 50/50 joint venture and Expedia upped its stake to 75% in 2015.
"This sale represents the divestment of the last of our non-core investments from the previous round of JVs," said AirAsia group CEO Tony Fernandes.
AAE Travel offers various travel products including AirAsia flight and hotel packages, featuring accommodations via the Expedia Group portfolio.
Acquiring full ownership of AAE Travel reflects our belief in the immense potential for us in the over US$485 billion Asian travel market," Expedia group president and CEO Mark Okerstrom.
"This transaction unlocks better integration of our Brand Expedia Asia business into our core global travel platform, giving us even greater confidence in our ability to harness the huge growth potential that Asia represents."
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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