Travel services provider Expedia Group Inc. said Aug. 14 that it purchased the remaining 25% equity interest in AAE Travel Pte. Ltd. it does not already own from joint venture partner AirAsia Bhd. for a cash consideration of $60 million.
"This transaction unlocks better integration of our Brand Expedia Asia business into our core global travel platform, giving us even greater confidence in our ability to harness the huge growth potential that Asia represents," said Expedia President and CEO Mark Okerstrom.
The transaction price excludes AirAsia's ongoing purchase of AirAsiaGo.com domain names and related assets from AAE Travel, a joint venture formed by the online travel platform and the air transportation provider in March 2011.
AirAsiaGo.com, a platform that features AirAsia flights and hotel packages as well as Expedia lodging content, will continue to be operated by Expedia.
"This sale represents the divestment of the last of our non-core investments from the previous round of joint ventures. These proceeds will be used to develop big unicorn products such as BigPay, Travel 360, Redbox Logistics and Ourshop," AirAsia Group CEO Tony Fernandes said in a statement.
Expedia has held 75% in its joint venture with the Malaysian airline since February 2015 after it purchased an additional 25% equity interest of AAE Travel for $86.3 million in cash.