Expedia (EXPE) shares spiked 4.9% to 124.68 Wednesday after word hit shortly before the close that the Justice Department would not derail its pending merger with smaller rival Orbitz Worldwide (OWW), in a deal valued at $1.3 billion. Orbitz jumped 6.4% to 11.92 on the stock market today. Expedia hit 129.10 intraday, a record high. Both stocks rallied slightly in late trading after the DOJ confirmed the news. “We concluded that the acquisition is
Online travel booking service Expedia (EXPE) has earned positive reviews from analysts for its planned purchase of rival Orbitz Worldwide. On Thursday, Expedia announced its intent to buy Chicago-based Orbitz (OWW) for $1.6 billion. The move comes just three weeks after Expedia bought Travelocity for $280 million. The acquisitions will give Expedia more ammunition to compete with market leader Priceline Group (PCLN). Expedia’s purchase of Orbitz
Expedia is further digging its heels into the domestic travel-booking market with its announced acquisition Thursday of Orbitz Worldwide, after the online travel agency shopped abroad last year to compete with archrival Priceline. The $1.6 billion, $12-a-share Orbitz (OWW) deal is the latest in a string of purchases for Bellevue, Wash.-based Expedia (EXPE), which announced just three weeks ago that it bought Travelocity for $280