Priceline.com and KAYAK Software Corporation have announced the successful completion of the acquisition of KAYAK by priceline.com.
In accordance with the terms of the transaction as previously announced, Kayak merged with and into a wholly-owned subsidiary of priceline.com.
Priceline.com paid approximately $522.4 million in cash and issued approximately 1,519,717 shares of common stock in connection with the merger, in addition to assuming outstanding Kayak stock options.
“We are delighted to welcome Kayak as the newest member of The Priceline Group,” said Jeffery Boyd, chairman, The Priceline Group.
“We look forward to working with the Kayak team as they build their business and expand the international footprint of their great products.”
As previously announced, Kayak will continue to operate as an independent brand within The Priceline Group.
“We are excited to join the world’s premier online travel company,” said Steve Hafner, chief executive, Kayak.