Priceline To Acquire Kayak for $1.8B
Both websites allow users to find flight, rental car and hotel information
Priceline Group, a travel company that uses William Shatner, who played Captain Kirk in the Star Trek television and movie series, as a spokesman, will acquire Kayak Software Corp. (Nasdaq: KYAK) in a deal valued at $1.8 billion. The deal comes just months after the target’s July initial public offering.
The price works out to $40 per share of Kayak’s common stock. Kayak’s management team will stay in place. The company's share price closed at $31.04 on Nov. 8 and was up to $39.62 on the afternoon of Nov. 9.
Kayak is a travel research site that allows users to compare prices for flights, rental cars and hotels.
"Kayak has built a strong brand in online travel research and their track record of profitable growth is demonstrative of their popularity with consumers and value to advertisers," said Priceline Group President and chief executive Jeffery Boyd.
Priceline.com (Nasdaq: PCLN) also assists users in finding flights, rental cars and hotels, as well as cruises.
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