Deal of the Week: Expedia to Buy Orbitz for $1.38B

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Deal of the Week: Expedia to buy Orbitz for $1.38B Announcement Date February 12, 2015 Acquirer Expedia Inc. (Nasdaq: EXPE) Acquirer Description Operates as an online travel company in the United States and internationally. Brands include Expedia.com, Hotels.com, Hotwire.com, Classic Vacations and Travelocity Founded in 1996 and headquartered in Bellevue, Washington Acquirer Financial Mkt Cap: $11.7 billion LTM EBITDA: $752.4 million Statistics EV: $11.3 billion LTM EV / Revenue: 1.9x LTM Revenue: $5.8 billion LTM EV / EBITDA: 15.1x Target Company Orbitz Worldwide (NYSE: OWW) Target Description Operates as an online travel company worldwide. Brand portfolio includes Orbitz and CheapTickets in the United States; ebookers in Europe; and HotelClub and RatesToGo internationally Founded in 2000 and headquartered in Chicago, Illinois Target Financial Mkt Cap: $1.3 billion LTM EBITDA: $139.2 million Statistics EV: $1.6 billion LTM EV / Revenue: 1.7x LTM Revenue: $932.0 million LTM EV / EBITDA: 11.2x Price / Consideration Price: $1.38 billion Consideration: Cash Target Advisor Qatalyst Partners Rationale Expedia said it expects the Orbitz deal, which has an enterprise value of $1.6 billion, to add 75 cents to earnings and generate cost savings of $75 million Acquiring Orbitz will bring not only that company’s namesake brand but also CheapTickets and HotelClub, as well as the corporate travel site Orbitz for Business “We are attracted to the Orbitz Worldwide business because of its strong brands and impressive team,” said Dara Khosrowshahi, Expedia’s President and CEO. “This acquisition will allow us to deliver best‐in‐class experiences to an even wider set of travelers all over the world.” Deal Points Under the terms of the deal, Expedia will pay $12 a share in cash, 24 percent higher than Orbitz’s closing price on Wednesday Including debt the transaction represents an enterprise value of ~$1.6 billion Of Note The Orbitz deal follows Expedia’s purchase of online travel site Travelocity for $280 million in cash in January The transaction further solidifies the American market for online travel booking to two companies, Expedia and the much bigger Priceline Group [email protected] www.pillarsofwallstreet.com .

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