Expedia, Inc. has entered into an agreement to acquire Italy-based Venere Net ApA from Advent International and the founding partners.

Published: 16 Jul 2008

Expedia, Inc. has entered into an agreement to acquire Italy-based Venere Net ApA from Advent International and the founding partners.

The transaction will result in addition of more than 10,000 incremental hotel properties in Europe, the Middle East and Africa to online travel agency Expedia, Inc.'s global hotel offering.

Venere.com has established relationships with approximately 29,000 hotels and bed and breakfast properties throughout Europe and the US. It is currently associated with 26,000 hotels in Europe and is adding hotel properties at a rate of more than 1,000 per month.

Terms of the pending acquisition were not disclosed. Closing of the transaction is subject to competition approval in Germany.

"Acquiring Venere will bring a well-known, respected European consumer brand to the Expedia portfolio," said Dara Khosrowshahi, President and CEO, Expedia, Inc. "Additionally, it will immediately expand our supply footprint in Europe, the Middle East and Africa, and enable Expedia to diversify our business model approach to hotel partners worldwide."

Global private equity firm Advent International obtained a majority stake in Venere in late 2006. The remaining shares are still in the hands of the four company founders. In addition to its headquarters in Rome, Venere Net has branch offices in London (Venere UK LTD) and Paris (Venere France SARL).