Published: 09 Nov 2007

The transaction includes an initial cash payment and a multi-year, performance-based earn-out.

Priceline.com said it intends to retain Agoda's current management team, who will continue to manage Agoda's operations independently as part of priceline.com's international business.

In the Asia Pacific region, Agoda offers hotel properties in Australia, China, Japan, India, Thailand, South Korea, Singapore, Indonesia, the Philippines, New Zealand and several other countries.

In addition, Agoda offers hotels in Europe, the Americas, the Middle East and Africa. Agoda's services are offered in 12 languages.

In addition to its transactional offerings, Agoda maintains a broad suite of content features, including customer hotel reviews, travel tips, journals and other user-generated content.

"We believe that Agoda, while relatively small today, will be an important part of priceline.com's expansion into Asia," said priceline.com President and Chief Executive Officer Jeffery H. Boyd. "With priceline.com's expertise, worldwide hotel inventories and customer demand, we see an opportunity to leverage Agoda and offer the most complete and compelling inventory and content to customers traveling in Asia."

"Online travel is still a relatively nascent industry in many Asian countries," said Glenn Fogel, priceline.com's Managing Director, Corporate Development and International. "However, we believe the time is right for priceline.com to begin growing our presence in the Asia Pacific region, and Agoda gives us the ability to do so with a team of skilled professionals on the ground in this important region."