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Priceline makes further acquisition
Priceline.com has acquired Dutch-based online hotel reservation service Bookings B.V for $133 million cash.
The move follows Priceline’s acquisition last September of Active Hotels.
Bookings works with a range of chain and independent hotels and, together with Active, have negotiated exclusive contracts with 18,000 properties – thought to be more than any other European Internet hotel reservation service.
Priceline said it will retain Bookings’ existing management. Six senior executives have re-invested some of the cash back into the business.
Priceline president and chief executive Jeffery H Boyd said: “Bookings’ management and employees have built a rapidly growing business in continental Europe with a geographic reach and supplier and customer friendly model.
“We believe it nicely complements Active Hotel’s business.”
Gross bookings for the company for the 12 months ending June 30 are expected to total $225 million, 110% up on the previous year. Revenues are expected to hit $25 million.
Report by Steve Jones
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