Breaking: European Commission Rebuffs Booking's eTraveli Deal
- September 25th, 2023
- 626 views
The European Commission has put a halt to Booking Holdings Inc.'s (Nasdaq: BKNG) proposed acquisition of Flugo Group Holdings AB (eTraveli) under the EU Merger Regulation.
This decision comes after an in-depth investigation, which revealed that the acquisition would have strengthened Booking's dominant position in the European hotel online travel agency (OTA) market. The investigation found that Booking's market share exceeds 60% in the European Economic Area (EEA), with limited competition. Consequently, Booking would have been able to charge higher commissions to hotels.
Additionally, the acquisition would have allowed Booking to expand into flight OTA services, further increasing its market power. The remedies proposed by Booking were deemed insufficient to address these competition concerns, leading to the Commission's decision to block the transaction.
In pre-market, $BKNG was trading at $3,055.55, down $6.99 (-0.23%)
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