HomeAway Buys travelmob
Vacation apartment rental website HomeAway is expanding its floor plan a bit this morning, as the company announces the purchase, for an undisclosed sum, of a majority stake in Asia Pacific-focused vacation rental site travelmob.
In a statement, HomeAway noted that travelmob's website "supports 13 currencies and operates in Bahasa, Chinese, Japanese, Korean, Russian, Thai, Vietnamese and English." Travelmob says it has some 14,000 properties in its inventory, available for customers to rent in Asia.
According to HomeAway, it's not buying the whole company, instead leaving management of the start-up with a 37% stake, and buying only the remainder for itself. HomeAway says it also expects to be investing about $2 million in its new subsidiary "to further grow the travelmob business."
This deal is expected to close within a few weeks. HomeAway management, while keeping mostly mum on the details (and in particular, the purchase price) for now, says it will give further details when discussing the buy in its Q2 earnings conference call next Thursday, July 25.
The article HomeAway Buys travelmob originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends HomeAway. The Motley Fool owns shares of HomeAway. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.