Priceline completes deal for Momondo
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The Priceline Group has completed its acquisition of Momondo, the European travel meta-search company that offers flights, hotels and car rentals.
The agreement, which is worth approximately US$550 million, will now see Momondo and its subsidiary, Cheapflights, merged into Priceline’s Kayak brand to create a global travel search business.
“Momondo and Cheapflights are premium brands that have garnered a loyal customer base throughout key markets in Europe, and we couldn’t be more excited to welcome the Momondo Group team to the Priceline Group family,” said Glenn Fogel, Priceline’s group president & CEO.
Under the terms of the cash transaction, Priceline has acquired all the outstanding shares of the Momondo Group, which was founded as Cheapflights in 1996 and acquired the younger Momondo brand in 2011, before merging under the Danish company’s name.
Plans for the acquisition were first announced in February this year. Following the completion of the deal, Momondo will be overseen by Kayak CEO, Steve Hafner.
“Adding Momondo and Cheapflights to Kayak’s portfolio of brands helps further our mission of providing the world’s favourite travel planning tools,” said Hafner. “We’re eager to learn from each other to make each brand and business even better.”
The Priceline Group operates six main online travel brands: Booking.com, Priceline.com, Kayak, Agoda.com, Rentalcars.com and OpenTable.
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