Priceline Group snaps up Momondo for US$550 million
Norwalk, Connecticut, February 9, 2017
The Priceline Group has announced the acquisition of the Momondo Group in a cash deal worth US$550 million.
The Momondo Group, which operates European travel meta engine Momondo and global flight comparison and travel deals publishing platform Cheapflights, will now roll under The Priceline Group's leading travel meta brand, Kayak.
"Metasearch is appealing to consumers and we're keen to expand our global footprint," said Glenn Fogel, CEO of The Priceline Group. "Momondo and Cheapflights will be nice additions to our meta portfolio under Kayak."
The deal is expected to close later in the year, subject to regulatory approval. Headquartered in the UK and Copenhagen, with offices in Boston, the Momondo Group, currently a portfolio company of Great Hill Partners, will report to Kayak CEO Steve Hafner after the acquisition.