Booking to Appeal EU Decision to Block Proposed Acquisition of Etraveli -- Update

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 [e-mail]

(END) Dow Jones Newswires

September 25, 2023 06:24 ET (10:24 GMT)

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