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IAC/InterActiveCorp to acquire Hotwire.com

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New York--IAC/InterActiveCorp announced Monday that it has agreed to acquire discount travel Web site Hotwire.com. IAC will pay $665 million in cash and assume about $20 million of options and warrants. The transaction is expected to close in the fourth quarter. IAC also announced Monday the formation of IAC Travel, a division of the company that will include Expedia.com, Expedia Corporate Travel, Expedia’s international brands, Hotels.com, Hotwire and other IAC travel properties. Erick Blachford, president-CEO of Expedia, will lead IAC Travel as president-CEO.
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