The Priceline Group (Nasdaq: PCLN) has agreed to purchase European travel company Momondo Group in a transaction valued at $550 million in cash. The deal includes Cheapflights, the target’s flight comparison and travel deal website.
The Momondo Group, in addition to Cheapflights, operates a European travel meta engine called momondo. The target’s travel brands use a meta-search engine to offer best available prices for flights, hotels, and car rentals. Momondo Group, headquartered in the UK and Copenhagen, is currently a portfolio company of Great Hill Partners and will join with the buyer’s Kayak brand following the transaction close. The target has additional offices in Boston.