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Priceline acquires KAYAK

Priceline.com has signed a definitive agreement for the Priceline Group to acquire KAYAK in a stock and cash transaction. Under the terms of the agreement, the transaction values KAYAK at $1.8 billion ($1.65 billion net of cash acquired) or $40 per share of KAYAK, with the Group paying approximately $500 million of the consideration in cash and $1.3 billion in equity and assumed stock options.á The Boards of Directors of the Priceline Group and KAYAK have unanimously approved the transaction, which is subject to customary closing conditions, including a vote of KAYAK’s shareholders and regulatory approvals, and is expected to close by late first quarter 2013. KAYAK’s current management team will continue to manage KAYAK’s operations independently as part of the Priceline Group of companies. The Group expects that the impact of the KAYAK acquisition on Non-GAAP EPS in 2013 will be de minimis. Go to http://www.priceline.com or http://www.kayak.com for more.

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