Booking Holdings to buy Etraveli Group for $ 1.8 billion

Booking Holdings announced an agreement with CVC Capital Partners to buy Etraveli Group, a global flight booking provider for 1.63 billion euros (about $ 1.83 billion), to help deliver frictionless flights, according to a press release of Tuesday 23 November.

Etraveli Group will remain based in Sweden, operating as an independent company under Booking, the statement said.

“As international air travel rebounds from the impact of the pandemic, we look forward to strengthening our existing relationship with the Etraveli group to make the travel booking experience easier and more transparent to support our partners and customers. Said Glenn Fogel, CEO of Booking Holdings. The version.

Meanwhile, Etraveli CEO Mathias Hedlund said in the statement that the goal is to “continue to improve the flight booking experience for our customers and partners around the world.”

And Etraveli chairman Lorne Somerville said in the statement that the acquisition would be positive because Etraveli has “built a leading platform for the sale of flights.”

Earlier this week, Fogel said the company launched a new payments-focused FinTech unit and a new strategy to respond to the travel industry as payments evolve.

Read more: Why Booking.com has made payments a strategic priority

Booking.com senior vice president of FinTech, Daniel Marovitz, said the end-to-end global travel ecosystem is vital and financial friction is a persistent problem in travel.

PYMNTS research found that 44% of U.S. consumers who made travel reservations canceled or postponed due to pandemic concerns.

Marovitz said other sticking points include currencies (FX), seasonality of destinations and how payments move.

Marovitz said Booking gains more benefits by experimenting on its platform, as well as using smart data. The data has helped travel partners manage cash flow more efficiently, with algorithms that can predict whether a reservation is likely to be canceled.

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