American Express Global Business Travel has successfully completed the acquisition of Egencia, a digital travel management platform, from travel giant Expedia.
Expedia has reported a net loss of $301 million for the three months to June. The figure is, however, a substantial improvement on the loss of $753 million reported in the same quarter of 2020.
As part of the transaction, Expedia Group would become a shareholder in, and enter a long-term strategic commercial agreement with, American Express Global Business Travel.
From an updated look and feel to enhanced product offerings, Expedia is looking to double down on efforts to deliver on travellers’ evolving wants and needs in a post-pandemic world.
Expedia Group has reported a loss of $2.69 billion, or $19 a share, for financial 2020 as the Covid-19 pandemic took a huge toll on the travel sector around the world.
Research carried out by the group in April shows lodging partners want support from online travel agencies in four priority areas as they look to rebound from the pandemic.
Expedia saw revenue fall 15 per cent, to US$2.2 billion, during the first quarter of financial 2020, as the Covid-19 pandemic took a huge toll on the company.
Expedia has unveiled plans to raise US$3.2 billion in new capital as international travel stalls in the midst of the coronavirus pandemic. At the same time, Peter Kern has been appointed chief executive of the company.