Expedia chairman Barry Diller moves to simplify corporate structure
04/17/2019|12:46:23 PM|Skift

Expedia Group said Tuesday it will buy out Liberty Expedia Holdings in an all-stock deal. Until now, Expedia has been controlled by the investment vehicle run by Expedia Chairman Barry Diller. After the deal, Diller will own approximately 29 percent of Expedia’s voting power.

Within several months, Diller has an option to raise his voting rights to up to 48 percent of the company.

As a result of the transaction, Mr. Diller will own approximately 29% of the voting power of the company, and Expedia Group will no longer be a controlled company under applicable Nasdaq rules.

The move removes the “super-voting” shares of billionaire media mogul John Malone, who agreed to the deal.

“[The deal] represents a strong benefit to our shareholders,” said Mark Okerstrom, CEO of Expedia Group, in a statement, “by simplifying and improving our corporate and governance structure and effecting a meaningful reduction in our share count.”

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