|Friday, February 13, 2009, 13:00 Hrs [IST]|
Expedia, Inc enters into agreement to acquire Venere.com
Expedia, Inc has announced that it has entered into an agreement to acquire Italy-based Venere Net ApA from Advent International and the founding partners. Venere.com has established relationships with approximately 29000 hotels and bed and breakfast properties throughout Europe and the U.S. The transaction will result in the addition of more than 10000 incremental hotel properties in Europe, the Middle East and Africa to Expedia, Inc's global hotel offering. Terms of the pending acquisition were not disclosed. Closing of the transaction is subject to competition approval in Germany.
Venere.com is focused on offering hotel reservations to consumers and provides hoteliers with geographically diverse sources of demand. The company has direct relationships with approximately 29000 hotels around the world, with which it operates an agency model.
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