Booking holdings Buys Sweden’s Etraveli for $ 1.83 billion
Shares in Booking Holdings (BKNG) – Download Booking Holdings Inc. report faltered on Wednesday after the parent of holiday booking website Priceline said they planned to buy Etraveli for $ 1.83 billion.
Booking agreed to acquire the Swedish global flight booking company from CVC Capital Partners, the Luxembourg venture capital company.
“As international air travel recovers from the effects of the pandemic, we look forward to building on our existing relationship with Etraveli Group to make the travel booking experience easier and more seamless to support our partners and customers,” said Booking Holding CEO Glenn Fogel in a statement.
Etraveli Group will retain its headquarters in Sweden under its current management.
Closing is subject to conditions including government permits.
These are Booking Holding’s other major acquisitions in recent weeks. On November 12, the company announced plans to buy hotel wholesaler and distributor Getaroom for $ 1.2 billion.
In August, Norwalk, Conn., Reported a loss of $ 4.08 per share, compared to earnings of $ 2.97 per share the previous year. The most recent adjusted loss was $ 2.55 per share.
Revenue reached $ 2.16 billion from $ 630 million.
In addition to Priceline, Booking Holdings operates Booking.com, Agoda, Rentalcars.com, Kayak and OpenTable.
The results reflect a year and a half of pandemics, which have devastated the travel and leisure industry.
The journeys have gained momentum – but the delta variant of COVID-19 has recently started a freshly forged wrench.
Booking Holding’s shares at the last check changed a little close to $ 2,343. The stock traded up as much as 2.1% on Wednesday to around USD 2,291.