Expedia is expanding its reach. The travel company recently announced an agreement to acquire HomeAway, a major player in the vacation rental market that enables travelers to search for and book private vacation properties worldwide. HomeAway’s portfolio includes well-known brands such as VRBO (Vacation Rentals by Owner), VacationRentals.com and the Australian site Stayz, among others.
The acquisition price is $3.9 billion, with the transaction expected to close in 2016. This deal follows Expedia’s earlier moves to consolidate the online travel industry, including its acquisitions of Orbitz and Travelocity earlier in the year.
Brian Sharples, CEO of HomeAway, said the company is enthusiastic about joining Expedia’s family of travel brands. He highlighted the advantages HomeAway expects to gain from Expedia’s distribution network, technology and industry expertise, saying those resources will enhance the experience for property owners, managers and travelers alike. Sharples added that combining forces with Expedia should accelerate HomeAway’s growth and strengthen its leadership in the vacation rental space.
Headquartered in Austin, Texas, HomeAway lists vacation rentals in more than 190 countries, giving travelers access to a broad selection of properties around the globe.