Expedia Unveils $3.9 Bn Deal for Homeaway 4 November 2015

Total Page：16

File Type：pdf, Size：1020Kb

Expedia unveils $3.9 bn deal for HomeAway 4 November 2015 Khosrowshahi. "Bringing HomeAway into the Expedia, Inc. family and adding its leading brands to our portfolio of the most trusted brands in travel is a logical next step." The companies said they hope to close the deal in early 2016. The Expedia-Orbitz tie-up faced criticism because it gave the group up to 75 percent of the market for traditional hotel bookings. But defenders of the deal said competition is coming from sites which scan online travel deals Expedia will acquire vacation marketplace HomeAway like Hipmunk and review websites like TripAdvisor. for $3.9 billion in effort to compete with online travel aggregators like Kayak and Airbnb © 2015 AFP US online travel booking giant Expedia said Wednesday it agreed to acquire the vacation marketplace HomeAway for $3.9 billion. The deal comes weeks after Expedia concluded a takeover of online rival Orbitz, which won approval by antitrust regulators despite objections from some consumer groups and hotel operators. The new acquisition would boost Expedia's efforts to compete with online travel aggregators like Kayak and the fast-growing Airbnb, which allows property dwellers to rent a room or an entire residence for short-term stays. HomeAway, founded in 2005, has more than one million vacation listings including many from property owners under its own brand and VRBO, which stands for vacation rental by owner. "We have long had our eyes on the fast growing $100 billion alternative accommodations space and have been building on our partnership with HomeAway, a global leader in vacation rentals, for two years," said Expedia chief executive Dara 1 / 2 APA citation: Expedia unveils $3.9 bn deal for HomeAway (2015, November 4) retrieved 27 September 2021 from https://phys.org/news/2015-11-expedia-unveils-bn-homeaway.html This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. 2 / 2 Powered by TCPDF (www.tcpdf.org).

Copy Link

Recommended publications

Testimony of Stephen Shur, President of the Travel Technology Association
The Travel Technology Association Testimony of Stephen Shur, President of the Travel Technology Association My name is Stephen Shur, and I am the President of the Travel Technology Association. My organization represents companies like Expedia, Priceline, Orbitz, booking.com, TripAdvisor, AirBnB, HomeAway, VRBO and many others. Our industry is responsible for booking hundreds of thousands of room nights in Kansas annually. In the wake of the Supreme Court Wayfair decision, many states have begun the process of legislating tax collection for “remote sellers”. These marketplace facilitator provisions do not and should not apply to travel intermediaries. Marketplace facilitator legislation is aimed at collecting taxes from remote sellers in an environment where no taxes are being collected. In our world, accommodations bookings, ALL of the proper taxes are already being collected and remitted to the state. This applies to both hotel bookings as well as short term rental bookings as both AirBnB and HomeAway (including VRBO) have voluntary collection agreements with the state of Kansas. Should OTAs and short-term rental platforms be ensnared in marketplace legislation, it would disrupt the efficient and effective administration and flow of tax revenue from the traveler to the state. Again, Kansas is already getting all applicable taxes on all hotel bookings in the state and the overwhelming majority of short-term rental bookings. I’d like to talk briefly about how our industry works. I’ll start with hotel bookings. First, and most importantly, online travel agents don’t buy rooms in bulk at wholesale rates and resell them at retail rates. When a traveler books a hotel room via a travel agent, either online or in Kansas, the total amount the traveler pays includes: 1.
[Show full text]
Homeaway's Reach Makes It a Necessary Evil for Owners, Managers
REPORT David Franklin, [email protected], 215.493.4104 HomeAway’s Reach Makes It a Necessary Evil for Owners, Managers Companies: AWAY, EXPE, GOOG, KYAK, PCLN, TRIP February 14, 2013 Research Question: Will new bundle options and tiered pricing result in greater usage of HomeAway’s sites, or will the corresponding listing price hikes put off homeowners and property managers? Summary of Findings Silo Summaries 1) VACATION PROPERTY OWNERS HomeAway Inc.‟s (AWAY) new pricing and listing bundle programs Four of six sources were negative about HomeAway, but garnered negative reactions from 11 of 14 sources in the vacation none had plans to completely drop their HomeAway property owner and vacation property management silos. However, listings because of the company‟s lead position and few of these sources expect to abandon listing with HomeAway broad reach in the market. Concerns expressed given the company‟s lead position and market reach. included HomeAway‟s inclusion of unnecessary services, outdated technology and rising listing prices. Eight additional sources, comprising HomeAway‟s competitors, Competition is growing from Airbnb, FlipKey and even property management software representatives and an industry Google‟s AdWords. specialist, acknowledged the company‟s strength and dominance in the industry. They do not expect HomeAway‟s recent changes to 2) PROPERTY MANAGEMENT COMPANIES be a boon or a bane for the company. Seven of these eight sources had negative comments about HomeAway. They clearly recognized its powerful Eight of nine renter sources reported having positive rental position, and do not expect to end or reduce listings experiences through HomeAway and its VRBO subsidiary, and with the company.
[Show full text]
Largest Property Owners/Managers Support AWAY's Pay-Per-Booking
REPORT Reverdy Johnson, [email protected], 415.677.5801 Largest Property Owners/Managers Support AWAY’s Pay-Per-Booking Companies: AWAY, EXPE, PCLN, TRIP January 29, 2014 Research Question: Will HomeAway’s new pay-per-booking program deliver increased revenue and rental listings, or cannibalize its subscription-based business? Summary of Findings Silo Summaries . Thirteen of 23 sources, including professional property managers 1) Property owners & managers listing on AWAY & with more than 1,000 properties, said HomeAway Inc. (AWAY) will competitor sites Six of the eight largest property owners said PPB will increase revenue and listings through its pay-per-booking (PPB) bring HomeAway additional revenue and more rental feature. It will appeal to property owners/managers not previously listings. The feature will appeal to those not currently listed on HomeAway, and those for whom the subscription service using HomeAway, and likely is intended for use by was not financially viable. property managers more than individual property . owners/managers. Six sources expect PPB to Sources were divided as to whether PPB would cannibalize the cannibalize HomeAway’s subscription business, and subscription business by enticing subscribers to switch services. three suggested HomeAway eventually wants to . Three sources believe PPB ultimately will eliminate subscriptions, eliminate subscriptions altogether in order to compete with Booking.com and Expedia. Seven sources said the and is HomeAway’s attempt to move users to an online booking 10% commission charged per-booking is prohibitively system so it can compete with growing efforts from Priceline.com high for property owners, especially when competitors Inc.’s (PCLN) Booking.com and Expedia Inc.
[Show full text]
1 in the UNITED STATES DISTRICT COURT for the WESTERN DISTRICT of TEXAS WACO DIVISION EXPRESS MOBILE, INC. Plaintiff, V. EXPEDIA
Case 6:20-cv-00801-ADA Document 1 Filed 09/01/20 Page 1 of 122 IN THE UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF TEXAS WACO DIVISION EXPRESS MOBILE, INC. ) Plaintiff, ) ) Civil Action No. 6:20-cv-00801 v. ) ) JURY TRIAL DEMANDED EXPEDIA GROUP, INC. ) ) Defendant. ) COMPLAINT Plaintiff Express Mobile, Inc. (“Express Mobile” or “Plaintiff”), by and through its undersigned counsel, brings this action for patent infringement against Defendant Expedia Group, Inc. (“Expedia” or “Defendant”) and alleges as follows: NATURE OF THE ACTION 1. This is a civil action arising under 35 U.S.C. § 271 for Expedia’s infringement of Express Mobile’s United States Patent Nos. 6,546,397 (“the ‘397 patent”), 7,594,168 (“the ‘168 patent”), 9,063,755 (“the ‘755 patent”), 9,471,287 (“the ‘287 patent”), and 9,928,044 (“the ‘044 patent”) (collectively the “Patents-In-Suit”). THE PARTIES 2. Plaintiff Express Mobile, Inc. is a Delaware corporation with a place of business at 38 Washington Street, Novato, CA 94947. 3. Upon information and belief, Defendant Expedia Group, Inc. is a Delaware corporation with physical locations in Austin, Houston, and Dallas, Texas from which it regularly conducts business related to this action. 1 Case 6:20-cv-00801-ADA Document 1 Filed 09/01/20 Page 2 of 122 4. Expedia is an online travel company providing business and leisure travelers with tools and services to research, plan, and book travel. Expedia conducts its business and provides its tools and services to consumers through a large portfolio of travel brands and businesses (collectively, the “Expedia Brands and Subsidiaries”).
[Show full text]
In the Superior Court for the State of Washington in and for 7 the County of King
1 2 3 4 5 6 IN THE SUPERIOR COURT FOR THE STATE OF WASHINGTON IN AND FOR 7 THE COUNTY OF KING 8 Cause No.: 9 DANIEL MAHONEY, an individual; JENNI R. STEPHENSON, an individual; and 10 COMPLAINT FOR UNFAIR TRADE JONATHAN MARKHAM, an individual, PRACTICES UNDER RCW 19.86.020 11 Plaintiffs, 12 v. 13 EXPEDIA, INC., a Washington Corporation; 14 Defendant. 15 16 I. COMPLAINT 17 Plaintiffs, Daniel Mahoney, Jenni R. Stephenson, and Jonathan Markham bring 18 this Action Complaint against Defendant Expedia, Inc. (“Expedia”), alleging as follows: 19 II. NATURE OF ACTION 20 1. This Complaint comes during a global pandemic arising from a novel 21 coronavirus, COVID-19. Nationwide lockdowns sent unemployment to historic levels, 22 and the economic and health effects imposed great hardship on millions of Americans. 23 National and worldwide travel restrictions were imposed to protect health and welfare 24 during this public health emergency. 25 2. The pandemic dramatically impacted travel, particularly air travel. The 26 ability to travel was eliminated for many Americans. COMPLAINT - 1 1 3. Airlines slashed flight schedules, resulting in thousands of flight 2 cancellations for millions of passengers. 3 4. Under U.S. law, airline passengers are entitled to a refund if the airline 4 cancels a flight, regardless of the reason the airline cancels the flight. 5 5. Some carriers honored this requirement, while others have not. 6 6. Some carriers offered only to rebook and/or provide travel vouchers to 7 passengers whose trips the airlines canceled. 8 7. Many of these carriers market and book their flights to consumers through 9 online travel agencies.
[Show full text]
Steamfitters Local 449 Pension Plan V. Diller Et
EFiled: Jul 29 2019 05:08PM EDT Transaction ID 63637764 Case No. 2019-0571-JTL IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE STEAMFITTERS LOCAL 449 PENSION PLAN, directly on behalf of itself and all other similarly situated stockholders of EXPEDIA GROUP INC. and derivatively on behalf of EXPEDIA GROUP INC., Plaintiff, C.A. No. 2019-0571-JTL v. BARRY DILLER, SUSAN ATHEY, A. Public Redaction Version GEORGE BATTLE, COURTNEE Filed July 29, 2019 CHUN, CHELSEA CLINTON, PAMELA COE, JONATHAN DOLGEN, ALEX VON FÜRSTENBERG, CRAIG JACOBSON, VICTOR KAUFMAN, PETER KERN, DARA KHOSROWSHAHI, MARK OKERSTROM, CHRISTOPHER SHEAN, and THE DILLER FOUNDATION D/B/A THE DILLER – VON FURSTENBERG FOUNDATION, Defendants, -and- EXPEDIA GROUP INC. Nominal Defendant. VERIFIED CLASS ACTION AND DERIVATIVE COMPLAINT Plaintiff Steamfitters Local 449 Pension Plan (“Plaintiff”), directly on behalf of itself and all other similarly situated holders of Expedia Group Inc. (“Expedia” or the “Company”) common stock and derivatively on behalf of the Company, brings the following Verified Class Action And Derivative Complaint (the “Complaint”) against the defendants named herein for breaches of fiduciary duty in their capacities as officers, directors, and/or controlling stockholders of Expedia and unjust enrichment. The allegations of the Complaint are based on the knowledge of Plaintiff as to itself, and on information and belief, including the investigation of counsel, the review of publicly available information, as to all other matters. NATURE OF THE ACTION 1. This entire fairness action arises out of Barry Diller’s latest attempt to pass his outsized voting influence over a publicly traded Delaware corporation to his unqualified stepson, Alexander von Furstenberg (“AVF”).
[Show full text]
Expedia Inc and Homeaway Inc Conference Call to Discuss the Acquisition Transaction Call
THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT EXPE - Expedia Inc and HomeAway Inc Conference Call to Discuss the Acquisition transaction Call EVENT DATE/TIME: NOVEMBER 04, 2015 / 9:45PM GMT OVERVIEW: EXPE announced that it has agreed to acquire HomeAway for an equity value of approx. $3.9b in cash and EXPE common stock. THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. NOVEMBER 04, 2015 / 9:45PM, EXPE - Expedia Inc and HomeAway Inc Conference Call to Discuss the Acquisition transaction Call CORPORATE PARTICIPANTS Alan Pickerill Expedia, Inc. - VP of IR Dara Khosrowshahi Expedia, Inc. - President & CEO Brian Sharples HomeAway - Founder & CEO Mark Okerstrom Expedia, Inc. - CFO & EVP of Operations CONFERENCE CALL PARTICIPANTS Eric Sheridan UBS - Analyst Kevin Kopelman Cowen and Company - Analyst Paul Bieber BofA Merrill Lynch - Analyst Rohit Kulkarni RBC Capital Markets - Analyst Lloyd Walmsley Deutsche Bank - Analyst Jed Kelly Oppenheimer & Co. - Analyst Mike Olson Piper Jaffray & Co. - Analyst Heath Terry Goldman Sachs - Analyst Justin Patterson Raymond James - Analyst Tom White Macquarie Research - Analyst Chris Merwin Barclays Capital - Analyst Nat Schindler BofA Merrill Lynch - Analyst Naved Khan Cantor Fitzgerald - Analyst Brian Fitzgerald Jefferies LLC - Analyst PRESENTATION Operator Good day and welcome to the Expedia announces acquisition of HomeAway conference. Today's conference is being recorded. At this time, I would like to turn the conference over to Alan Pickerill.
[Show full text]
Expedia to Acquire Homeaway, Inc
EXPEDIA TO ACQUIRE HOMEAWAY, INC. BELLEVUE, WA and AUSTIN, TX, November 4, 2015 – Expedia, Inc., (NASDAQ: EXPE) and HomeAway, Inc., (NASDAQ: AWAY) announced today that they have entered into a definitive agreement under which Expedia has agreed to acquire HomeAway, including all of its brands, for an equity value of approximately $3.9 billion in cash and Expedia common stock, representing a per share price for HomeAway shares of $38.31, based on Expedia’s closing price on November 3, 2015. Under the terms of the transaction, Expedia will offer to acquire each outstanding share of common stock of HomeAway in exchange for $10.15 in cash and 0.2065 of a share of Expedia common stock. The Boards of Directors of both companies unanimously approved the transaction, which remains subject to customary closing conditions, including regulatory approvals and the tender of a majority of the outstanding shares of HomeAway common stock. The companies expect the transaction to close in the first quarter of 2016. “We have long had our eyes on the fast growing ~$100 billion alternative accommodations space and have been building on our partnership with HomeAway, a global leader in vacation rentals, for two years. Bringing HomeAway into the Expedia, Inc. family and adding its leading brands to our portfolio of the most trusted brands in travel is a logical next step,” said Dara Khosrowshahi, Chief Executive Officer, Expedia, Inc. “We have tremendous respect for the HomeAway team and the business they have built. With our expertise in powering global transactional
[Show full text]
Homeaway to Be Part of Expedia's Buying Spree – a $3.9Bn Deal
Find our latest analyses and trade ideas on bsic.it HomeAway to be Part of Expedia's Buying Spree – A $3.9bn Deal Expedia; Market Cap: $16.6bn (as of 12/11/2015) HomeAway; Market Cap: $3.5bn (as of 12/11/2015) Introduction On November 4, Expedia, after a two-year partnership with HomeAway, announced the acquisition of the latter company for a $3.9bn cash and stocks consideration. With this acquisition Expedia will widen its portfolio of brands while, at the same time, entering new businesses. Moreover, Expedia will be able to boost traffic to its lodging listings. HomeAway will benefit from distribution, technology and expertise coming from Expedia itself. The Boards of Directors of both companies unanimously approved the transaction, which represents the largest and most recent acquisition in Expedia's history. The deal remains subject to regulatory approvals and is expected to close in the first quarter of 2016. Industry Overview The online travel industry is growing faster than ever with an overall 27% increase of website views YoY. The trend is the same for revenues which increased 11% from the previous year to $35.1bn overall. Major online travel agencies are Expedia, Priceline, Orbitz and Kayak. The competition is now focusing on mobile services opportunities since bookings made via smartphones are constantly growing, highlighting a users’ shift from desktop to mobile. About Expedia Expedia, headquartered in Bellevue, Washington (US), is one of the world’s leading online travel companies. Since its foundation in 1996 in a small division within Microsoft (spun-off in 1999), it has been providing customers with a revolutionary way to search and book hotels.
[Show full text]
Tripadvisor 2018 2 Fish Where the Fish Are!
TripAdvisor 2018 2 Fish where the Fish Are! Source: https://www.statista.com/statistics/499694/forecast-of-online-travel-sales-worldwide 3 https://skift.com/2017/06/21/mobile-travel-bookings-to-reach-40-percent-of-online-sales-in-2017/ Worldwide Findings Summary of size and reach #1 Largest Visit Process Purchase Engagement TripAdvisor is the largest An estimated 1 in every 80% of buyers who visit TripAdvisor reached Travel transactors who travel property worldwide 11 users worldwide TripAdvisor during the 60% of all worldwide use TripAdvisor engage with visited TripAdvisor in July purchase process users examined who with more sites. Their 2017 worldwide take longer started their decision path to purchase than 4 weeks to process and research is 29% longer complete their subsequently booked than non TripAdvisor purchase travel online in Q2 & Q3 users 2017 Source: comScore Data Services 5 TripAdvisor – World’s Largest Travel Site 455M 49 570M 7.3M average unique Markets Reviews and Accommodations, monthly visitors ** Worldwide Opinions Restaurants and Attractions *Source: TripAdvisor log files, average monthly unique visitors, Q3 2017 6 **Source: comScore Media Metrix for TripAdvisor Sites, worldwide, July 2017 About TripAdvisor TripAdvisor is the world’s largest travel site* 270+ 147,000 137M 780,000 New contributions per minute Destinations Marketable Members Vacation Rentals *Source: TripAdvisor log files, average monthly unique visitors, Q3 2017 **Source: comScore Media Metrix for TripAdvisor Sites, worldwide, July 2017 7 TripAdvisor: Worldwide TripAdvisor is the world’s largest travel site TripAdvisor Media Group TripAdvisor Sites Ctrip International Booking.com Expedia Airbnb Trivago Sites Hotels.com Sites UU456.COM Qunar 12306.CN Skyscanner MSN Travel Mafengwo Agoda LVMAMA.COM Kayak.com EDreams Odigeo HomeAway Indian Railways Southwest Airlines Co.
[Show full text]
1 in the United States District Court for The
IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE INTERNATIONAL BUSINESS MACHINES ) CORPORATION, ) ) Plaintiff, ) ) Civil Action No. 17-1875-LPS-CJB v. ) ) JURY TRIAL DEMANDED EXPEDIA, INC., EXPEDIA, INC., ) HOMEAWAY.COM, INC., ) HOTELS.COM L.P., ) HOTWIRE, INC., ) ORBITZ WORLDWIDE, INC., ) ORBITZ, LLC, AND ) TRAVELSCAPE LLC ) ) Defendants. ) AMENDED COMPLAINT FOR PATENT INFRINGEMENT Plaintiff International Business Machines Corporation (“IBM”), for its Complaint for Patent Infringement against Expedia, Inc., Expedia, Inc., Homeaway.com, Inc., Hotels.com L.P., Hotwire, Inc., Orbitz Worldwide, Inc., Orbitz, LLC, and Travelscape LLC (collectively “Defendants”), alleges as follows: INTRODUCTION 1. IBM is a world leader in technology and innovation. IBM spends billions of dollars each year on research and development, and those efforts have resulted in the issuance of more than 60,000 patents worldwide. Patents enjoy the same fundamental protections as real property. IBM, like any property owner, is entitled to insist that others respect its property and to demand payment from those who take it for their own use. Defendants have built their business model on the use of IBM’s patents. Moreover, despite IBM’s repeated attempts to negotiate, Defendants refuse to negotiate a license. This lawsuit seeks to stop Defendants from continuing to use IBM’s intellectual property without authorization. 1 RLF1 19639879v.1 NATURE OF THE CASE 2. This action arises under 35 U.S.C. § 271 for Defendants’ infringement of IBM’s United States Patent Nos. 5,796,967 (the “’967 patent”), 5,961,601 (the “’601 patent”), 6,374,359 (the “’359 patent”), 7,072,849 (the “’849 patent”), and 7,631,346 (the “’346 patent”) (collectively the “Patents-In-Suit”).
[Show full text]
Future of Travel Booking by Dennis Schaal
Future of Travel Booking By Dennis Schaal Interviews with CEOs Skift Books of the world’s top online booking companies 2014 THE FUTURE OF ONLINE TRAVEL BOOKING By DENNIS SCHAAL AND SKIFT Published in 2014 by SKIFT 115 W. 30th St. Suite 1213 New York, NY 10001 USA On the web: skift.com Please send feedback to [email protected] Publisher: Skift Editor: Jason Clampet Production Manager: Matt Heidkamp Copyright © 2014 Skift All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Table of Contents 04 Introduction 05 About Skift 06 Interviews 07 Darren Huston, Priceline 17 Steve Hafner, Kayak 23 João Ricardo Mendes, Hotel Urbano 29 Greg Marsh, One Fine Stay 35 Roberto Souviron, Despegar 41 Javier Pérez-Tenessa, eDreams Odigeo 47 Brian Sharples, HomeAway 53 Marina Kolesnik, Travel.ru 61 Adam Goldstein, Hipmunk 67 Chenchao “CC” Zhuang, Qunar 71 Gareth Williams, Skyscanner 75 Deep Kalra, MakeMyTrip 81 Dara Khosrowshahi, Expedia 87 Stephen Kaufer, TripAdvisor 93 Sam Jain, CheapOAir 99 Steve Singh, Concur 105 Barney Harford, Orbitz 109 Thank You Introduction The forces shaping travel booking are swirling intends to preference displays on its sites to force as much as they ever have since the first online sometimes-reluctant vacation-rental owners to booking engines arrived on the scene in the mid- make their properties online bookable. 1990s. Advances in mobile apps, the mobile Web, metasearch, digital marketing, user-generated Read closely as Expedia Inc.
[Show full text]