Expedia Acquires Australia’s Wotif Group for $658 Million
Skift Take
While this seems like an opportunistic buy with Wotif's financial troubles, for Expedia this ties into two priorities: Expanding in Asia-Pacific and growing its global hotel business in competition with the Priceline Group's Booking.com and Agoda.
The merger and acquisition binge in online travel just kicked up a notch as Expedia Inc. agreed to acquire Australia's Wotif Group for $658 million (AU $703 million), or AU $3.30 per share.
With brands in the Asia-Pacific region that include Wotif.com, Lastminute.com.au, Travel.com.au, Asia Web Direct, LateStays.com, GoDo.com.au and Arnold Travel Technology, the Wotif Group expands Expedia's presence in the region and would supplement brands such as eLong in China, for example.
The Wotif Group did AU $555.3 million (AU$ 593 million) in gross bookings, AU $71.1 million (AU$ 76 million) in revenue, and sold 3.2
