Through this turnover of ownership, Expedia becomes a direct competition of AirBnB
Gone were the days of grueling travel bookings. For years, Expedia had been the leader for online travel booking from plane tickets to hotel accommodation. But now they wanted to expand even more and looked into the market of vacation rental services like HomeAway which they agreed to acquire for $3.9 billion in cash and Expedia common stock.
Founded in 2005, HomeAway which was conceived in Austin, Texas had already raised $505 million in five funding rounds since 2011. The acquisition is set to be closed by early 2016 with Expedia buying each share for $10.15 in cash and 0.2065 of a share in Expedia common stock.
Currently there are about a million paid vacation rental homes in 190 countries which HomeAway carries on their site. They also have other rental site in the UK, Germany, Spain, Australi, New Zealand, Brazil, and France like VRBO.com and VacationRental.com. The site BedandBreakfast.com is also opereated by Homeaway.
The acquisition is set to be closed by early 2016 with Expedia buying each share in cash and Expedia common stock
Through this turnover of ownership, Expedia becomes a direct competition of AirBnB as the former also owns other site including Hotels.com, Hotwire.com, Venera, Orbitz, and Travelocity.
“We have long had our eyes on the fast growing ~$100 billion alternative accommodations space and have been building on our partnership with HomeAway, a global leader in vacation rentals, for two years,” said Dara Khosrowshahi, the CEO of Expedia in today’s announcement. “Bringing HomeAway into the Expedia, Inc. family and adding its leading brands to our portfolio of the most trusted brands in travel is a logical next step.”
8 Things You Should Watch Online To Fall Asleep
How To Make Your Travel Plans Easier With Google
Don't Upload Pictures of The Eiffel Tower To Facebook!
This Is The Worst Example Of Domain Squatting We’ve Ever Seen
The EU May Block The $19 Billion Facebook-Whatsapp Deal
This Is What Apple's Spaceship Looks Like
Google Has Started Building Its Secret Alternative To Oculus Rift
5 Inventions That Will Change Our Future
Google Buys Jetpac... And Now It Can See Our Feelings
Take A Look At The World’s First Robot Butler
Major tech trends and highlights from this year’s Mobile World Congress
Samsung Galaxy S9 and Galaxy S9 Plus: First Impressions and New Features
14 Cool Tech Gifts for Valentine’s Day
Living smart: Alexa-enabled smart home devices from CES 2018