continued its push into the online travel business Thursday, agreeing to acquire the U.K. travel site
for $404 million in cash.
Cendant said the deal, which is worth $12.38 an ebookers American depositary share, will be backed by holders of at least 41% of ebookers shares.
"Ebookers will serve as the foundation for Cendant's online travel consumer vertical in Europe," said Cendant's Samuel Katz. "The addition of ebookers to our portfolio of travel distribution businesses immediately strengthens Cendant's position as one of the world's leading online travel distributors, and provides a foundation for significant growth opportunities in the fast-growing European online travel segment."
The news comes less than a month after New York-based Cendant sewed up its acquisition of U.S. airline site
for $1.2 billion. Cendant rival
was rumored earlier this fall to be near a deal to buy ebookers, but no agreement ever materialized.
At midday Thursday, Cendant was off 8 cents at $23.34 and ebookers was up a nickel at $12.