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IAC COMPLETES ACQUISITION OF HOTWIRE.COM
New York, NY - Nov 5, 2003 - IAC/InterActiveCorp (Nasdaq: IACI) today announced the successful completion of its acquisition of Hotwire.com, a leading discount travel web site. This acquisition became effective before market open today. Hotwire will operate and remain a separate brand within the IAC Travel Group, which consists of: Expedia, Hotels.com, Interval International, TV Travel Shop and Anyway.com, and is headed by Erik Blachford, President and CEO of IAC Travel.The consideration is $665 million in cash plus the assumption of approximately $20 million of options and warrants. IAC estimates 2003 full year gross bookings for Hotwire of approximately $700 million and net revenue of approximately $110 million, and expects the transaction to be slightly accretive to 2004 adjusted EPS.
About Hotwire.com
Hotwire.com is a leading discount travel site with consistently lower prices on airline tickets, hotel rooms, rental cars, cruises and vacation packages. Launched in 2000, Hotwire negotiates deep discounts from its travel suppliers to help sell their excess inventory. Hotwire is a profitable, private corporation based in San Francisco, California. Hotwire was founded by Texas Pacific Group and airlines American, America West, Continental, Northwest, United and USAirways. For more information, visit www.hotwire.com.
About IAC/InterActiveCorp
IAC/InterActiveCorp (Nasdaq: IACI), formerly USA Interactive, consists of IAC Travel, a division of the company that encompasses Expedia, Inc., which oversees Interval International, TV Travel Shop, Hotels.com, and Hotwire.com. The other operating businesses of IAC are: HSN; Ticketmaster, which oversees Evite and ReserveAmerica; Match.com, which oversees uDate.com; Entertainment Publications; Citysearch; Precision Response Corporation; and Lending Tree. The goal of IAC is to be the world’s largest and most profitable interactive commerce company by pursuing a multi-brand strategy.
Important Disclosures
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include the information relating to possible or assumed future results of operations of IAC and its subsidiaries, including those preceded by, followed by or that include the words "believes," "could," "estimates," "intends," "expects," "anticipates" or similar expressions. These statements reflect the current views of IAC with respect to future events, and are based on information currently available to IAC. These forward-looking statements are subject to risks, uncertainties and assumptions that may affect the operations, performance, development and results of IAC's and its subsidiaries' business. Please see the important factors described in IAC's filings with the Securities and Exchange Commission which could affect the future results of IAC and its subsidiaries, and could cause those results to differ materially from those expressed in the forward-looking statements contained in this press release. You are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date of this press release. IAC does not undertake any obligation to update or revise the forward-looking statements contained in this press release, whether as a result of new information, future events or any other reason.