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Expedia to boost stake in AirAsia Expedia Travel to 75%
EXPEDIA Inc has entered into an agreement with AirAsia to acquire an additional 25 per cent stake in online travel agency AirAsia Expedia (AAE) Travel for US$86.3 million.
AAE Travel is a joint venture set up by both companies in 2011.
The acquisition will bump up Expedia's stake in the joint venture to 75 per cent.
"Asia continues to be a fast-paced, growing market, and partnering with a powerful brand like AirAsia has been instrumental in driving the expansion of our business in the region," said Dara Khosrowshahi, chief executive officer of Expedia. "We continue to value and look forward to a great ongoing relationship with them as we bring our world-class technology and supply to travelers across Asia."
Tony Fernandes, group chief of AirAsia, added: "We are excited to continue the close relationship between Expedia and AirAsia to deliver unrivaled travel experiences for Asian consumers."
The transaction is expected to close in the first half of this year.