Online travel firm Expedia has agreed to buy Australia’s Wotif.com for A$703 million as it seeks to expand its presence in the Asia-Pacific region.
Wotif investors will get A$3.06 a share from Expedia and also receive a special dividend of 24 cents, the Brisbane-based company said in a regulatory filing, reports Bloomberg.
"Wotif Group will add to our collection of travel’s most trusted brands and enhance our Asia-Pacific supply," Dara Khosrowshahi, chief executive officer of Bellevue, Washington-based Expedia said in a statement.
"Wotif Group is well positioned in the Asia-Pacific region with a portfolio of leading travel brands."
The transaction is subject to shareholder and regulatory approval and is expected to close in October, it said.
