Expedia looks to acquire Australian travel group Wotif
Online travel giant Expedia said it will acquire Brisbane, Australia based OTA Wotif.com Holdings in a deal worth around US$658 million.
The purchase includes all Wotif Group travel brands in the Asia-Pacific region including wotif.com, lastminute.com.au, travel.com.au, Asia Web Direct and LateStays.com.
Wotif brands focus mainly on hotel and flight bookings and offers about 29,000 properties in worldwide destinations.
"Wotif Group is well positioned in the Asia-Pacific region with a portfolio of leading travel brands," said Expedia CEO Dara Khosrowshahi.
"It will add to our collection of trusted travel brands and enhance our Asia-Pacific supply."
Expedia’s proposed A$3.30 ($3.09) is a 30% premium on the average trading price over the last week and the Wotif board has recommended shareholders accept the offer.
Wotif shares jumped 25% in early trading, following the announcement.
Founders Graeme Wood and Andrew Bice, who have a combined 35.5% stake in the company, have agreed to sell their shares to Expedia.
Wotif chairman Dick McIlwain said he believes it is the best way to maximise shareholder value "after having carefully assessed the changing dynamics of the markets and the uncertainties and risks that we would face if we were to continue as an independent company."
TravelMole Editorial Team
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.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Airlines suspend Madagascar services following unrest and army revolt
TAP Air Portugal to operate 29 flights due to strike on December 11
Qatar Airways offers flexible payment options for European travellers
Air Mauritius reduces frequencies to Europe and Asia for the holiday season
Airbnb eyes a loyalty program but details remain under wraps