Expedia buys Orbtiz for $1.3 billion

Online travel company Expedia is buying Orbitz for about $1.3 billion in cash, just a month after acquiring Travelocity for $280 million

The acquisition, announced Thursday morning in a press release, means Expedia now operates some of the most well-known online travel destinations. The deal values Orbitz at $12 per share, almost 25% more than the closing price on Wednesday.

"We are attracted to the Orbitz Worldwide business because of its strong brands and impressive team. This acquisition will allow us to deliver best-in-class experiences to an even wider set of travelers all over the world," said Dara Khosrowshahi, president and CEO of Expedia, Inc Read more...

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