Expedia Will Acquire Venere Net
The hotel reservation company will be bought from Advent International and the company’s founding partners.
July 15, 2008
Expedia has agreed to acquire Venere Net ApA, a hotel reservation company based in Italy, from Advent International and the founding partners. Terms of the transaction were not disclosed.
The deal will add over 10,000 hotel property relationships to Expedia’s listing service. Dara Khosrowshahi, Expedia president and chief executive officer said, “Acquiring Venere will bring a well-known, respected European consumer brand to the Expedia portfolio.”
John Singer, Advent managing partner, said, “We are delighted to have played a role alongside Venere's management team in transitioning the company from an entrepreneurial, founder-led business into one of Europe's most valuable on-line travel assets. Expedia is a highly complementary fit for Venere, and will be a perfect strategic partner for their ongoing development.”
Earlier this month, Advent agreed to acquire a majority interest in Bradco Supply Corp., a roofing materials distributor.
Expedia shares dropped from $18.19 on Monday to $17.46 when the market opened Tuesday, following the Venere announcement.
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