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Jan. 23, 2015, 9:27 AM
Jan. 16, 2015, 4:08 PM
- Oppenheimer observes the FTC has disclosed it granted Expedia (EXPE +1.2%) and Sabre (SABR +1.5%) an early termination notice regarding an antitrust review filing, with the acquired entity in the transaction being Travelocity.
- With no announcement yet from either company, Oppenheimer states it "can only opine on the probability that Expedia is in the process of acquiring the entire Travelocity asset" from Sabre.
- Expedia struck a deal with Sabre in 2013 to power Travelocity's tech platforms and provide its travel inventory, in exchange for a 50% revenue share; that deal provided a big lift to 2014 bookings. Oppenheimer argues a full acquisition of the travel platform would be a win-win: It would boost Expedia's U.S. share and top line, and would allow Sabre to shed a non-core asset and further de-lever its balance sheet.
- Expedia's Q4 report is due on Feb. 5.
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