Priceline.com acquires asian online hotel reservation service co Agoda
The co announces that it has acquired Bangkok- and Singapore-based Agoda Company, an online travel co specializing in hotel discount bookings throughout Asia, in a transaction that includes an initial cash payment and a multi-year, performance-based earn-out. Priceline.com said it intends to retain Agoda's current mgmt team, who will continue to manage Agoda's operations independently as part of priceline.com's international business. Agoda's gross bookings for 2007 year to date through October 31, 2007 were approximately $36 mln, an increase of 122% over a year ago. Gross bookings refer to the total dollar value inclusive of taxes and fees of all hotel room nights purchased by consumers. Priceline.com said that it expected the acquisition to be neutral to slightly accretive to its pro forma earnings (before non-cash amortization expense associated with the acquisition) for calendar year.
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