The latest news involves two of the biggest names in online travel: Expedia and Orbitz. In a Thursday press release , Expedia announced that it plans to buy its competitor for $12 per share, a total of about $1.6 billion. (The Wall Street Journal reported the number as $1.3 billion, however.)
The release offered this quote from Expedia President and CEO Dara Khosrowshah:
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. From the flagship Orbitz.com brand, to other well-known consumer brands such as CheapTickets, ebookers and HotelClub and the business-to-business brands Orbitz Partner Network and Orbitz for Business, the Orbitz Worldwide team has built a devoted customer base and we look forward to welcoming them to the Expedia Inc. family.
A quote from Orbitz CEO Barney Harford says simply that he’s “excited to join the Expedia Inc. family.”