Booking Holdings, the Connecticut-based American online travel technology company, has signed an agreement with private equity firm CVC Capital Partners to buy the Sweden-based ETraveli Group, for a whopping $1.83 billion, according to the company’s press release.
Booking is buying one of its flight partners to help offer frictionless flights. In the company’s press release, Etraveli Group CEO Mathias Hedlund said that the main goal of the acquisition is to “continue to enhance the flight booking experience for our customers and partners worldwide.” The deal is subject to regulatory approvals and closing conditions.
As part of the deal, ETraveli Group, the global flight booking provider, will remain headquartered in Sweden’s main office, operating as an independent company under Booking Holdings’ corporate umbrella. The Sweden-based company has nearly 1000 employees.
The ETraveli deal marks Booking’s second acquisition in the past two weeks. The US tech giant is on buying spree after announcing two acquisitions within two weeks. On November 12, the company announced plans to buy hotel wholesaler and distributor Getaroom for $1.2 billion. These latest deals are expected to bolster Booking’s flight and hotel business.
Founded in 2000, and based in Uppsala, Sweden, ETraveli Group is a leading global technology provider that offers flight booking services worldwide. The company’s flight booking solutions provide reliable flight information to consumers and companies. The Swedish firm also operates consumer websites, including Flightnetwork, Mytrip, and Gotogate.
With this latest deal, Booking Holdings is hoping to sustain momentum in the recovering travel industry, which witnessed a severe downturn due to COVID-19’s travel restrictions and lockdowns. The company currently owns and operates several travel fare aggregators and travel fare metasearch engines including travel websites Booking.com, Kayak.com, Agoda.com, Priceline.com, Cheapflights, OpenTable, Momondo, and Rentalcars.com.