Expedia increases its presence in Asia Pacific with $658m deal to buy web travel firm Wotif
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US travel booking giant Expedia is expanding_its presence in the Asia Pacific region after announcing a deal to buy Australia-based online hotel and travel booking company_Wotif Group_for_A$703 million (US$658 million). The 13-year-old company_is listed on the Australian Securities Exchange, has offices in nine countries and counts Wotif.com, lastminute.com.au, travel.com.au, Asia Web Direct, LateStays.com, and GoDo.com.au among its businesses. The deal works out at_A$3.30 (US$3.09) per share, which is around a 30 percent premium on the valuation of the company based on last week’s trading. The Wotif Group handled_3.2 million rooms during the second half of 2013 and counts over 29,000...
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