Priceline.com / Bookings B.V.
Priceline.com announced today that it has acquired Amsterdam-based Bookings B.V., one of Europe's leading Internet hotel reservation services, in a cash transaction valued at approximately EUR110 million, or US$133 million. The deal follows priceline.com's recent acquisition of Cambridge-based Active Hotels in September 2004.
In total, Bookings B.V. and Active Hotels have negotiated exclusive rates with almost 18,000 properties, which the companies believe is more than any other European Internet hotel reservation service. Priceline.com said it intends to retain Bookings' current management team, which will continue to manage Bookings as part of the Priceline.com Europe portfolio. Priceline.com also said that Bookings' six top executives reinvested a portion of the acquisition proceeds back into the Bookings business.
Bookings works with a range of chain- and independently owned hotels across Europe and in major cities around the world. Established in 1996, the company has approximately 130 full-time employees and offices in Amsterdam, Barcelona, Berlin, Paris and Pisa. Bookings' customer service team offers its services in Dutch, English, French, German, Italian, Japanese, Spanish and Portuguese.
Shares of Priceline.com, which closed up 1.8 percent at $23.49 on Nasdaq, gained 5 percent at $24.70 in after-hours trading.
(c) BUSINESS WIRE
(c) Reuters
posted by Orange @ 10:31 AM
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