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USA Interactive Finishes Hotels.com Deal
By Internetnews.com
News Source
Article Date: 2003-04-11
Continuing efforts to consolidate the ownership of its majority-controlled e-commerce properties, Barry Diller's USA Interactive is acquiring the outstanding stock of Internet travel play Hotels.com (Quote, Company Info) in a $1.1 billion deal.
The move completes the restructuring by USA Interactive (Quote, Company Info), which only last month acquired the remaining shares of its Expedia (Quote, Company Info)online travel agency.
The Hotels.com deal is a tax-free stock-for-stock transaction, said USA, already the majority owner (68 percent of the stock and 97 percent of the voting stock) of the hotel booking site. USA began a year ago to simplify its corporate structure by buying in its publicly traded subsidiaries.
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