Expedia To Acquire Orbitz Worldwide For $12 Per Share In Cash


Expedia, Inc. (NASDAQ: EXPE) announced it has entered into a definitive agreement under which it will acquire Orbitz Worldwide, Inc. (NYSE: OWW), including all of Orbitz Worldwide’s brands, for $12.00 per share in cash, representing an enterprise value of approximately $1.6 billion, and a premium of approximately 29% over the volume weighted average share price for the five trading days up to and including February 11, 2015.

The Boards of Directors of both companies have approved the transaction, which is subject to approval by the shareholders of a majority of Orbitz Worldwide’s common stock and other customary closing conditions, including applicable regulatory approvals. The Board of Directors of Orbitz Worldwide received a fairness opinion from Qatalyst Partners and has recommended that its stockholders vote in favor of the merger.

“We are attracted to the Orbitz Worldwide business because of its strong brands and impressive team. This acquisition will allow us to deliver best-in-class experiences to an even wider set of travelers all over the world,” said Dara Khosrowshahi, President and Chief Executive Officer, Expedia, Inc. “From the flagship Orbitz.com brand, to other well-known consumer brands such as CheapTickets, ebookers and HotelClub and the business-to-business brands Orbitz Partner Network and Orbitz for Business, the Orbitz Worldwide team has built a devoted customer base and we look forward to welcoming them to the Expedia, Inc. family.”

“Our mission at Orbitz Worldwide has been to build our brands to be the world’s most rewarding places to plan and purchase travel,” said Barney Harford, Chief Executive Officer, Orbitz Worldwide. “We’re excited for Orbitz Worldwide to join the Expedia, Inc. family and for our teams to work together to further enhance the offerings we provide to our customers and partners.”

Expedia, Inc. Conference Call

Expedia, Inc. plans to webcast a conference call to discuss the transaction on Thursday, February 12, 2015 at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time. The webcast will be available to the public at http://ir.expediainc.com. A replay of the call is expected to be available for at least three months.

About Expedia, Inc.
Expedia, Inc. (NASDAQ: EXPE) is one of the world’s largest travel companies, with an extensive brand portfolio that includes leading online travel brands, such as:

—  Expedia.com®, the world’s largest full service online travel agency
with localized sites in 31 countries
—  Hotels.com®, the hotel specialist with localized sites in more than 60
countries
—  Hotwire®, a leading discount travel site that offers opaque deals in 12
countries throughout North America, Europe and Asia
—  Travelocity®, a pioneer in online travel and a leading online travel
agency in the US and Canada
—  Egencia®, the world’s fifth largest corporate travel management company
—  eLong(TM), a leading mobile and online travel service provider in China
—  Venere.com(TM), an online hotel reservation specialist in Europe
—  trivago®, a leading online hotel metasearch company with sites in 49
countries
—  Wotif Group, a leading operator of travel brands in the Asia-Pacific
region, including Wotif.com®, lastminute.com.au®, travel.com.au, Asia
Web Direct®, LateStays.com, GoDo.com.au and Arnold Travel Technology
—  Expedia Local Expert®, a provider of online and in-market concierge
services, activities, experiences and ground transportation in hundreds
of destinations worldwide
—  Classic Vacations®, a top luxury travel specialist
—  Expedia® CruiseShipCenters®, a provider of exceptional value and
expert advice for travelers booking cruises and vacations through its
network of 180 franchise locations across North America
—  CarRentals.com(TM), the premier car rental booking company on the web
The company delivers consumers value in leisure and business travel, drives incremental demand and direct bookings to travel suppliers, and provides advertisers the opportunity to reach a highly valuable audience of in-market consumers through Expedia® Media Solutions. Expedia also powers bookings for some of the world’s leading airlines and hotels, top consumer brands, high traffic websites, and thousands of active affiliates through Expedia® Affiliate Network. For corporate and industry news and views, visit us atwww.expediainc.com or follow us on Twitter @expediainc.