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Expedia is buying rival online travel site Orbitz for approximately $1.34 billion, adding to the stable of brands it has snapped up recently in order to extend its reach and keep pace in the fiercely competitive travel-booking industry.
Expedia's acquisition of Orbitz is its second major deal in the past month as the industry continues to consolidate. Expedia announced the $280 million acquisition of another rival, Travelocity, in late January. It also follows the company's July announcement that it was buying Wotif.com for $658 million. By bringing Orbitz into the fold, Expedia gains access to the Orbitz namesake brand, as well as brands like CheapTickets and HotelClub. Expedia's portfolio already consists of nearly a dozen brands such as Hotels.com and Hotwire.
Expedia is up against competitors like Priceline Group, which owns sites like Priceline, Booking.com, Kayak and OpenTable. And there are new pressures from sites like airfare search Hipmunk and last-minute deal site HotelTonight.
-- The Associated Press