Priceline is changing its name
- Priceline Group is now called Booking Holdings.
- The rebranding reflects the company's best performing business, Booking.com.
You won't be looking for Priceline under the ticker "PCLN" for much longer.
The travel site is rebranding, and will now be called Booking Holdings. Shares will still be listed on the Nasdaq, but will trade under the ticker symbol "BKNG." The change will be official on February 27.
The move comes as one of the company's best businesses, Booking.com, has significantly boosted the conglomerate's bottom line. Booking Holdings CEO Glenn Fogel said in a press release. "Over the last two decades, our business has expanded from just Priceline.com, operating solely in the United States, into six primary brands with headquarters around the globe," adding that the company operates "in more than 220 countries and territories in over 40 languages."
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"Our largest brand is Booking.com, which has more than 1.5 million properties, averages over one million bookings per day and produces a significant majority of Booking Holdings' gross bookings and operating profit." Booking Holdings CEO Glenn Fogel said in a press release said. "We are at a defining moment in our company's history."
The Priceline Group bought Booking.com in 2005 for $135 million in cash, and is now a $93 billion company by market cap, thanks in large part to the Booking.com explosion. The Priceline Group competes with Expedia.com atop the market for online travel and hotel bookings.
Priceline shares are up 0.27% on Wednesday and 6.26% this year.
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