Expedia Inc (NASDAQ:EXPE) has announced that it has entered into a definitive agreement to acquire Auto Escape Group, which is one of Europe’s leading online car rental reservation companies.
Expedia acquired Auto Escape from private equity fund Montefiore Investment and several members of AutoEscape Group’s management team. Auto Escape Group will become a part of CarRentals.com brand and report to Hotwire Group president Henrik Kjellberg.
“We are excited to expand our CarRentals.com brand internationally so that we can provide our customers more choices across the globe and help our supply partners expand their marketing reach,” stated Henrik Kjellberg, President of the Hotwire Group. Expedia is expecting to close the deal during Q3 of 2014.