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The Expedia Group is announcing the complete takeover of AAE Travel Pte. limited liability company
August 14, 2018 /PRNewswire/ -- Expedia Group, Inc. AirAsia Group Berhad (CLSE: AIRASIA) and NASDAQ: Expedia Group Berhad (NASDAQ: EXPE) today announces the acquisition of AirAsia's 25% stake in AAE Travel Pte., the two companies' March 2011 jointventure in which Expedia Group has had a 75% stake since 2015.
Compensation in US $60 million in settlement notes, net of the simultaneous acquisition of AirAsiaGo.com domains and related AAE Traveller Pte. Expedia Group will remain the operator of AirAsiaGo.com, which provides a full range of Expedia Group accommodation packaged services, which includes AirAsia flights and hotels.
"For seven years AirAsia has been a great partner to help Brand Expedia become a powerful and growing local stakeholder in the Asia region," said Mark Okerstrom, President and Chief Executive Officer of Expedia Group. "Our full acquisition of AAE Traveller mirrors our faith in the huge $485 billion worth of opportunities for us in the Asia Pacific tourism industry.
The deal allows us to better integrate our Brand Expedia Asia franchise into our worldwide journey platforms and gives us even more trust in our capacity to exploit the enormous Asian expansions. "Expedia Group is a great partner for AirAsia and we look forward to working very much together in the near term, especially with regard to the local and worldwide deployment of AirAsia flights," said Tony Fernandes, Group CEO of AirAsia.
This revenue will be used to create large monotone product such as BigPay, Travel 360, Redbox Logistics and Ourshop. We have learnt a great deal from this first wave of JVs and we have not yet seen anything from our first round of alliances. "This news releases contains forward-looking statement within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, together with any statement describing the views, intent or objectives of Expedia Group and AirAsia senior managers.
There is no certainty whether the expected future developments will materialize or whether they will affect the earnings and finances of Expedia Group or AirAsia.
These forward-looking statements speak only as of the date of this news release and neither Expedia Group nor AirAsia assumes any responsibility to revise these forward-looking statements to conform to future events or conditions, except as otherwise required by applicable laws. Expedia GroupExpedia Group is the global travelling portal.
We' re helping to break down the hurdles of travelling and make it simpler, more pleasant, more reachable and more accesible. We' re here to make the whole wide range of services available to our clients and business associates around the planet. Leveraging our platforms and technologies across an expansive range of companies and branded products, we are orchestrating the mobility of individuals and the provision of travelling experience both locally and globally.
This is our range of tour brands: Expedia®, Hotels. com®, Expedia® Partner Solutions, Egencia®, trivago®, HomeAway®, VRBO®, Orbitz®, Travelocity®, Wotif®, lastminute.com. au®, ebookers®, CheapTickets®, Hotwire®, Classic Vacations®, Expedia Group? Media Solutions, CarRentals. com?, Expedia Local Expert®, Expedia® CruiseShipCenters®, SilverRail Technologies, Inc. Via AAA, the world's premier low-cost airline, AirAsia serves an expansive route in the Asia-Pacific region with a total of over 130 locations.
AirAsia has served more than 500 million passengers since its launch in 2001, expanding its flight from just two to over 200. It is proud to be a true ASEAN (Association of Southeast Asian Nations) carrier headquartered in Malaysia, Indonesia, Thailand and the Philippines, as well as India and Japan, serving a global Asia, Australia and New Zealand, the Middle East and the USA alliance.
For the tenth year in a row, AirAsia was voted the best low-cost airline in the world at the Skytrax World Airline Awards from 2009 to 2018. At the World Travel Awards 2017, AirAsia received the World's Leadin' Low-Cost Airline Cabin Crew Awards for the fifth time in a row. AirAsia was one of the world's largest airlines.