Online travel services company Expedia is buying competitor Orbitz.
Expedia will pay $12 per share for Orbitz.
Orbitz closed at $9.62 on Wednesday, and shares are surging 24% in premarket trading.
"We are attracted to the Orbitz Worldwide business because of its strong brands and impressive team," Expedia CEO Dara Khosrowshahi said. "This acquisition will allow us to deliver best-in-class experiences to an even wider set of travelers all over the world."
More to come...
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by Sam Ro via Business Insider
