Australian-based online travel company Wotif Group is being taken over by Expedia for A$703 million (£384 million).
The group operates a series of online travel brands in the Asia-Pacific region including Wotif.com, lastminute.com.au, travel.com.au, Asia Web Direct, LateStays.com, GoDo.com.au and Arnold Travel Technology.
Wotif Group recorded A$593 million in total transaction value and A$76 million in revenue in the second half of last year, in addition to generating 3.2 million room nights.
Its multi-product portfolio focuses primarily on hotel and air, offering consumers more than 29,000 properties to book in destinations around the world.
The deal is expected to be finalised during the fourth quarter of the year.
Expedia president and chief executive Dara Khosrowshahi said: "Wotif Group is well positioned in the Asia-Pacific region with a portfolio of leading travel brands.
"This acquisition will allow both companies to continue driving growth opportunities by leveraging the unique strengths each brings to the table.
“Wotif Group will add to our collection of travel's most trusted brands and enhance our Asia-Pacific supply, while Expedia will expose Wotif Group's customers to our extensive global supply and world-class technology.”
Wotif managing director Scott Blume said: "Joining Expedia allows us to rapidly advance two of our strategic initiatives – strengthening offshore supply and improving our customer and supplier value propositions through enhanced technology.
"We believe this will help solidify our position as the premier travel brand in Australia and New Zealand, grow our business across the Asia-Pacific region and increase our exposure and brand awareness to inbound international travellers.”
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