Priceline buys Kayak for $1.8 billion
In a leftfield move, Priceline has agreed to buy metasearch engine Kayak for $1.8 billion. The deal was announced at the close of the public financial markets today in New York.
The transaction values Kayak at $1.8 billion ($1.65 billion net of cash acquired, says a statement) or $40 per share of Kayak, with Priceline paying “approximately $500 million of the consideration in cash and $1.3 billion in equity and assumed stock options”.
Kayak finally managed to get its IPO off the ground in July this year, ending an 21-month wait from its original announcement in November 2010 that it wanted to go public.