NORWALK, Conn. (AP) — Priceline.com Inc. plans to buy online travel research company Kayak—which has offices in Norwalk, Conn. and Concord, Mass.—for cash and stock worth $1.8 billion or $40 per share.
Kayak allows users to compare hundreds of travel sites when looking for flights, hotels and rental cars. The deal is expected to expand Priceline’s travel business and build Kayak’s brand.
The deal needs the approval of Kayak’s shareholders and of regulators. It is expected to close in the first quarter of next year.
Priceline said Thursday that it will pay $500 million in cash and $1.3 billion in stock and assumed stock options for the company.
Kayak will continue to operate independently as a Priceline Group company.
- THE ASSOCIATED PRESS