Bellevue Based Expedia Acquiring HomeAway in $3.9 Billion Deal
Expedia, based in Bellevue, Washington, is expanding base for the travel-company and is acquiring HomeAway, the vacation rental site in a deal of $3.9 billion. The deal was announced on Wednesday adding the Austin, Texas, company to a list which includes Orbitz and Travelocity.
The deal is likely to close in the initial of 2016. It has been approved by the board of the two companies but still needs regulatory approval.
Dara Khosrowshahi, the CEO of Expedia said in a news release, "We have long had our eyes on the fast-growing (approximately) $100 billion alternative accommodations space and have been building on our partnership with HomeAway, a global leader in vacation rentals, for two years."
In recent times, alternative accommodations rather than regular hotels have become very popular and similar services are provided by Airbnb. That's a reason Expedia took up a pilot program one year back in 2014 which listed
115,000 vacation properties on HomeAway. According to Khosrowshahi, adding HomeAway to the Expedia family along with bringing its leading brands to the portfolio of Expedia is "a logical next step" to follow.
HomeAway, was founded in 2005 and is an Austin based company which believes itself to be a global leader in vacation home rentals. Its site lists one million or more paid vacation-rental homes all over the world in 190 countries. About seven hundred out of the seventeen hundred employees of the company worldwide are in Austin.
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