The Priceline Group has signed a definitive agreement to acquire the Momondo Group in a cash transaction valued at $550 million.
The Momondo Group, which operates momondo, a leading European travel meta engine that offers flights, hotels and car rentals, and Cheapflights, a leading global flight comparison and travel deals publishing platform, will roll under The Priceline Group’s leading travel meta brand, KAYAK.
“Metasearch is appealing to consumers and we’re keen to expand our global footprint,” said Glenn Fogel, chief executive of The Priceline Group.
“Momondo and Cheapflights will be nice additions to our meta portfolio under KAYAK.”
Headquartered in the UK and Copenhagen, with offices in Boston, the Momondo Group, currently a portfolio company of Great Hill Partners, will report into KAYAK chief executive Steve Hafner after the acquisition.
“Momondo and Cheapflights have built great products serving loyal users across Europe,” said Steve Hafner, chief executive, KAYAK.2
“We’re looking forward to learning from them and sharing best practices as our brands expand globally.”
The deal is expected to close later in the year, subject to regulatory approval.
“The Priceline Group has a proven track record of operating successful, customer-centric travel brands all over the world,” said Hugo Burge, chief executive, Momondo Group.
“We couldn’t be more excited to join such an esteemed group of loved brands and join forces with KAYAK to bring the best in meta search to our growing customer bases worldwide.”
The Priceline Group
The Priceline Group is an online travel and related services, provided to customers and partners in over 225 countries through six primary brands – Booking.com, priceline.com, KAYAK, agoda.com, Rentalcars.com, and OpenTable.
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Author:Breaking Travel News
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