Priceline Group acquires European rival Momondo for $550M

The Priceline Group Inc., headquartered in Norwalk, has signed a definitive agreement to acquire Momondo Group for $550 million.

The London-headquartered Momondo Group operates the European travel meta engine Momondo and the global flight comparison and travel deals publishing platform Cheapflights. With this acquisition, both platforms will be rolled into The Priceline Group’s travel meta brand Kayak.

“Momondo and Cheapflights have built great products serving loyal users across Europe,” said Steve Hafner, CEO at Kayak. “We’re looking forward to learning from them and sharing best practices as our brands expand globally.”

“The Priceline Group has a proven track record of operating successful, customer-centric travel brands all over the world,” said Hugo Burge, CEO of Momondo Group. “We couldn’t be more excited to join such an esteemed group of loved brands and join forces with Kayak to bring the best in meta search to our growing customer bases worldwide.”

The deal is expected to close later in the year, subject to regulatory approval. Headquartered in the UK and Copenhagen, with offices in Boston, the Momondo Group, currently a portfolio company of Great Hill Partners, will report to Hafner after the acquisition.