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.

See also: Expedia buys Travelocity for $280 million

"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, in the press release. Read more...

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