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Expedia To Buy Rival Orbitz For $1.3 Billion

Expedia acquired travel site Orbitz, its third in the past four months. The two companies announced the acquisition Thursday.
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Expedia is adding rival site, Orbitz Worldwide, to its repertoire of travel sites.

The second largest travel site — just after Priceline Group Inc. — announced its purchase of Orbitz Worldwide Thursday for about $1.3 billion dollars. 

Expedia's president and CEO said in a statement"We are attracted to the Orbitz Worldwide business because of its strong brands and impressive team. This acquisition will allow us to deliver best-in-class experiences to an even wider set of travelers all over the world."

"The Orbitz Worldwide family of companies has helped tens of millions of travelers explore our huge world that's now sitting in the palm of your hand."

Once the news broke, Orbitz's premarket shares spiked 22 percent to $11.70 a share, and Expedia shares jumped more than 10 percent, with shares around $89 and climbing.

This latest addition is just one of multiple other travel sites Expedia acquired in the past four months including, Travelocity and Wotif Group. Expedia bought Travelocity for $280 million and the Wotif Group for $612 million. 

This video includes images from Getty Images.

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