Expedia, an American-based parent company to several global travel sites, is buying vacational rental marketplace HomeAway for $3.9 Billion to stimulate its presence in the vacation rental market.
The Bellevue, Washington, based company paid $38.31 for each share of the HomeAway, making it the largest-ever acquisition for the travel site.
Expedia CEO Dara Khosrowshahi enlightened the move in a press release:
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.
The deal is approved by both companies’ board, which they expect to close next year.
HomeAway is a vacation marketplace, based in Austin, Texas says it has more than 1 Million paid listings of vacation rental homes in 190 countries. While, Expedia Inc’s acquisitions includes Hotels.com, Trivago, Orbitz and Travelocity.