take-on-larger Archives

Online travel agency Expedia to buy rival Orbitz for $1.38 billion

February 12, 2015 creative expedia, larger-rival, media, media-conference, months, morning-trading, orbitz, priceline-group, shares-rose, shares-shot, slipped-behind, take-on-larger, travel-services, while-priceline, world

Expedia Inc said it would buy Orbitz Worldwide for about $1.38 billion in cash, its third acquisition in four months, to take on larger rival Priceline Group Inc in a burgeoning online travel industry. Orbitz's shares shot up 20 percent to $11.63 in morning trading, short of Expedia's offer of $12 per share. Expedia's shares rose nearly 13 percent to $88.50.