Expedia further consolidates online travel booking industry, agrees to buy Orbitz for $1.6 bill

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Less than a month after shelling out $280 million to buy Travelocity, online travel booking specialist Expedia today announced intentions to purchase Orbitz for $1.6 billion in cash. At $12 per share, the buyout price represents a 25 percent premium over what Orbitz closed at on Wednesday.

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