BELLEVUE, Wash., Feb. 17, 2015 /PRNewswire/ — Expedia , Inc. (NASDAQ: EXPE) announced today that it has entered into an agreement with AirAsia Berhad to purchase an additional 25% equity interest of AAE Travel Pte. Ltd., the joint venture formed between the two companies in 2011, for cash consideration of $86.3 million. This investment will increase Expedia’s total ownership in the joint venture to 75%.
"Asia continues to be a fast-paced, growing market, and partnering with a powerful brand like AirAsia has been instrumental in driving the expansion of our business in the region," said Dara Khosrowshahi, President and Chief Executive Officer, Expedia, Inc. "We continue to value and look forward to a great ongoing relationship with them as we bring our world-class technology and supply to travelers across Asia."
"Our partnership with Expedia has been and continues to be a terrific success for both companies," said Tony Fernandes, Group CEO of AirAsia. "We are excited to continue the close relationship between Expedia and AirAsia to deliver unrivaled travel experiences for Asian consumers."
The transaction is expected to close in the first half of 2015, at which point Expedia expects to include the AirAsia-Expedia Joint Venture financial results in Expedia’s consolidated financial statements.
About Expedia, Inc.
Expedia, Inc. (NASDAQ: EXPE) is one of the world’s largest travel companies, with an extensive brand portfolio that includes leading online travel brands, such as:
Expedia.com®, the world’s largest full service online travel agency with localized sites in 31 countries
Hotels.com®, the hotel specialist with localized sites in more than 60 countries
Hotwire®, a leading discount travel site that offers opaque deals in 12 countries throughout North America, Europe and Asia
Travelocity®, a pioneer in online travel and a leading online travel agency in the US and Canada
Egencia®, the world’s fifth largest corporate travel management company
eLong™, a leading mobile and online travel service provider in China
Venere.com™, an online hotel reservation specialist in Europe
trivago ®, a leading online hotel metasearch company with sites in 49 countries
Wotif Group, a leading operator of 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
Expedia Local Expert®, a provider of online and in-market concierge services, activities, experiences and ground transportation in hundreds of destinations worldwide
Classic Vacations®, a top luxury travel specialist
Expedia® CruiseShipCenters®, a provider of exceptional value and expert advice for travelers booking cruises and vacations through its network of 180 franchise locations across North America
CarRentals.com™, the premier car rental booking company on the web
The company delivers consumers value in leisure and business travel, drives incremental demand and direct bookings to travel suppliers, and provides advertisers the opportunity to reach a highly valuable audience of in-market consumers through Expedia® Media Solutions. Expedia also powers bookings for some of the world’s leading airlines and hotels, top consumer brands, high traffic websites, and thousands of active affiliates through Expedia® Affiliate Network. For corporate and industry news and views, visit us at www.expediainc.com or follow us on Twitter @expediainc.