The Priceline Group Inc. (NASDAQ: PCLN) today announced that it has successfully completed its previously announced plan to acquire the Momondo Group in a cash transaction whereby The Priceline Group acquired all outstanding shares of the Momondo Group for approximately $550 million. The Momondo Group, which operates momondo, a leading European travel meta engine that offers flights, hotels and car rentals, and Cheapflights, a leading global flight comparison and travel deals publishing platform, will roll under The Priceline Group's leading travel meta brand, KAYAK.
"Momondo and Cheapflights are premium brands that have garnered a loyal customer base throughout key markets in Europe, and we couldn't be more excited to welcome the Momondo Group team to The Priceline Group family," said Glenn Fogel, President & CEO of the Group.
"Adding momondo and Cheapflights to KAYAK's portfolio of brands helps further our mission of providing the world's favorite travel planning tools. We're eager to learn from each other to make each brand and business even better," added Steve Hafner, CEO, KAYAK.
Headquartered in the UK and Copenhagen, with an office in Boston, the Momondo Group businesses will report into KAYAK CEO Steve Hafner.
Logos, product and company names mentioned are the property of their respective owners.