Priceline Group Paid $98 Million for Buuteeq and Hotel Ninjas
Overshadowed by the Priceline Group’s $2.6 billion acquisition of OpenTable in late July, how much did Priceline pay to acquire two companies, buuteeq and Hotel Ninjas, that will help the company get into the business of being a tech and marketing service provider to hotels?
The answer has just come in as the Priceline Group disclosed in its 10-Q report for the second quarter that it paid $98 million, net of cash acquired, for “certain businesses which provide hotel marketing services.”
The Priceline Group is also slated to provide these businesses with substantial performance-based payments if they hit certain targets over the next four years.
Priceline took on a $24 million liability for these contingency payments in the second quarter, and the payments could max out at $90 million through 2018.