“Priceline.com Inc. PCLN -1.06% has agreed to buy Kayak Software Corp.KYAK -1.59% in a $1.8 billion cash-and-stock deal, buying a travel search site that went public earlier this year.
Priceline will pay around $500 million in cash and $1.3 billion in equity and assumed stock options. The transaction values Kayak at $40 a share, a 29% premium to its Thursday close and 57% higher than its July IPO.
Kayak’s current management team will continue to manage its operations as part of the Priceline group of companies. The deal, which is subject to shareholder approval and a regulatory nod, is expected to close by the end of the first quarter of 2013.”
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