The total acquisition of Orbitz Worldwide by the travel company has concluded with the transaction standing at approximately $1.6 billion in enterprise value
International travel giant, Expedia, has completed its acquisition of Orbitz Worldwide, a takeover which includes all of the organisation’s brands and assets for $12 (or £7.7) per share in cash, representing an enterprise value of approximately $1.6 billion (approximately £1.03 billion).
With the completion of the transaction, Orbitz Worldwide stock is no longer being traded on the New York Stock Exchange. Expedia is a travel company with an extensive brand portfolio encompassing online travel brands such as Expedia.com, Hotels.com, Hotwire, Travelocity, Egencia, trivago, Wotif Group, and Classic Vacations, to name a few.
“We are pleased to welcome Orbitz Worldwide to our family of leading travel brands. Our mission is to revolutionise travel through the power of technology. Given Orbitz’s focus on transforming the way consumers around the world plan and book travel, we couldn’t be more aligned,” said Dara Khosrowshahi, Chief Executive Officer of Expedia.
“As we bring our talented teams and capabilities together, we will be well positioned to accelerate the pace of innovation to deliver even better customer experiences to Orbitz’s loyal customer base and to further enhance the marketing and distribution capabilities we offer to our global supply partners.”
The company offers value in leisure and business travel, drives incremental demand and direct bookings to travel suppliers, and provides advertisers the opportunity to reach a highly valuable audience of in-market consumers through Expedia Media Solutions. Expedia also powers bookings for thousands of affiliates, including some of the world’s leading airlines, top consumer brands, and high traffic websites through Expedia Affiliate Network.