Expedia simplifies ownership structure with purchase of Liberty Expedia
Expedia Group Inc. announced on Tuesday that it has entered into an agreement to acquire the Liberty Expedia Holdings Inc. tracking stock in an all-stock deal. Through the arrangement, holders of Liberty Expedia's class A and class B shares will get 0.36 shares of Expedia's common stock for every Liberty Expedia share. Expedia will retire 3.1 million shares through the process. Expedia will stop being a controlled company after the deal is complete, and Chairman Barry Diller will own about 29% of the company's voting power. Expedia shares are inactive in premarket trading Tuesday. The stock has gained 8% over the past three months, as the S&P 500 has risen 11%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.