Momondo Group, a London-based travel search engine firm, has been acquired by US travel e-commerce company Priceline Group for $550m.
Founded in 1996, Momondo Group operates Momondo, a European search engine for flights, hotels and car rentals, and Cheapflights, a London-based flight comparison platform.
Expected to close later on this year, the acquisition, which follows in the footsteps of Edinburgh-based Skyscanner’s acquisition by Ctrip, will see Momondo Group become a part of Priceline Group’s travel meta brand, Kayak.
Hugo Burge, CEO of Momondo, commented: “This announcement heralds an exciting new chapter for our business and our teams. We look forward to becoming part of the Kayak family within the Priceline Group, and are very confident that the blend of brands and our different strengths will help us to jointly pursue what we both believe most passionately in – building products users love.
“Our business is in great shape across the 30-plus markets in which we operate, and we’re looking forward to the opportunity to build on that further.”
Headquartered in the UK and Copenhagen, following the deal Momondo Group will report to Kayak CEO Steve Hafner.
Hafner said: “Momondo and Cheapflights have built great products serving loyal users across Europe. We’re looking forward to learning from them and sharing best practices as our brands expand globally.”
It is hoped that the acquisition of Momondo Group will also enable Priceline Group to expand its European footprint.
Glenn Fogel, CEO of Priceline Group, concluded: “Momondo has a strong brand presence in certain parts of Europe, a market where we are keen to continue expanding our global meta footprint. We think Momondo will complement Kayak’s current consumer offering.”