US online travel giant Expedia has completed the $703 million acquisition of Australia’s Wotif Group.
The total consideration of A$703 million was comprised of a A$51 million special dividend distributed by the Wotif Group to its shareholders before closing and A$652 million in cash from Expedia.
In the coming weeks, Expedia expects to work with the Wotif Group team to conclude its ongoing evaluation of the available long-term strategic options for the Wotif Group businesses with an eye towards strengthening the potential of the Wotif Group’s brands for its customers and partners.
In the meantime, both companies will continue operating under a “business as usual” philosophy.
“We are thrilled to officially welcome Wotif Group and its terrific brands to the Expedia family,” said Dara Khosrowshahi, president, Expedia.
“This acquisition will allow us to continue expanding our business in the Asia-Pacific region and will allow Wotif Group’s customers and partners to benefit from Expedia, Inc.’s global portfolio.”
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.
Its multi-product portfolio focuses primarily on hotel and air, offering consumers more than 29,000 bookable properties in destinations around the world.
“This is an exciting milestone, and an important one for the Wotif Group team,” said Scott Blume, managing director, Wotif Group.
“By aligning ourselves with a powerful global leader in online travel we have taken a vital strategic step forward in our effort to revitalize the iconic brands of the Wotif Group.”