Booking to Appeal EU Decision to Block Proposed Acquisition of Etraveli -- Update
25 September 2023 - 8:39PM
Dow Jones News
By Giulia Petroni
Booking Holdings said it intends to appeal the European
Commission's decision to prohibit its proposed 1.6 billion-euro
($1.7 billion) acquisition of Sweden's Flugo Group Holdings, which
operates as Etraveli.
"The company strongly believes the Commission is wrong on both
the facts of the case and the law applicable to this transaction,
which was cleared unconditionally by multiple competition
authorities," the online travel services provider said Monday in a
statement.
The European Union's executive arm said the deal would have
allowed Booking to strengthen its dominant position on the market
for online travel agencies in the European Economic Area, leading
to higher costs for hotels and possibly consumers.
It also added that Booking didn't offer remedies that were
sufficient to address its concerns.
The EU decision follows an in-depth investigation opened last
year.
Booking also said it has extended an existing commercial
partnership agreement with Etraveli through at least December
2028.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
September 25, 2023 06:24 ET (10:24 GMT)
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