(MENAFN) US online travel operator Expedia said it plans to acquire Orbitz Worldwide for around USD1.6 billion, a move which will unite further the sector, Oman Observer reported.
The offered price represents a 29 percent premium over the most recent share price of Orbitz, the companies said in a statement. Expedia will pay USD12 in cash per Orbitz share.
The deal which includes the Orbitz online booking site as well as brands such as CheapTickets, ebookers and HotelClub is subject to shareholder and regulatory approval.
According to the research firm Morningstar, Expedia and Priceline each have around 30 percent of the global online travel agency booking market, followed by Orbitz's 8 percent share.
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