According to the World Travel & Tourism Council, the total contribution of the travel and tourism industry in 2013 to world GDP was $7 trillion and is expected to have grown as much as 4.3 percent in 2014.
Being such a lucrative industry, many companies have looked to carve out a space in the travel industry and few have done so as successfully as Expedia.
The travel Orbitz.
Already owning some of the most popular travel websites where users can search for deals, like Hotwire and Hotels.com, Expedia will now be able to capture an even greater share of the travel market. The deal, worth approximately $1.6 billion ($12.00 per share), comes just a month after Expedia purchased competing travel website Travelocity for $280 million in cash.
Whether or not there are any changes to the Orbitz team has yet to be announced.
"We are attracted to the Orbitz Worldwide business because of its strong brands and impressive team. This acquisition will allow us to deliver best-in-class experiences to an even wider set of travelers all over the world," said Dara Khosrowshahi, president and chief executive officer of Expedia, Inc.
"From the flagship Orbitz.com brand, to other well-known consumer brands such as CheapTickets, ebookers and HotelClub and the business-to-business brands Orbitz Partner Network and Orbitz for Business, the Orbitz Worldwide team has built a devoted customer base and we look forward to welcoming them to the Expedia, Inc. family."