Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

http://www.businessweek.com/ap/2013-05-21/priceline-completes-1-dot-8b-deal-for-kayak

AP News

Priceline completes $1.8B deal for Kayak


NORWALK, Conn. (AP) — Priceline.com Inc. said Tuesday that it completed its $1.8 billion acquisition of fellow online travel company Kayak Software Corp.

Under the terms of the deal originally announced in November, Norwalk, Conn.-based Priceline said it paid about $522.4 million in cash and issued about 1.5 million shares of common stock.

Kayak is now a Priceline subsidiary, but will continue to operate as an independent brand, Priceline said.

Kayak, which went public last July, runs a website that lets users compare other travel sites when looking for flights, hotels and rental cars. Customers can book directly on Kayak's website.

Kayak also sends some customers to other websites to complete their purchases and earns fees for those referrals.

Priceline shares fell $3.81 to $838.69 in morning trading after rising as high as $847.33 earlier in the session, its highest level since May 1999.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus