Expedia Group has acquired Tiqets and Cartrawler to expand its business-to-business partner operations, while Booking Holdings faces constraints on its merger and acquisition strategy in Europe following a significant court decision.
Europe’s General Court upheld a 2023 ruling that prohibited Booking Holdings from acquiring Etraveli, a Swedish flights specialist, for approximately €1.63 billion. The court’s decision was based on concerns that the transaction would reinforce Booking’s competitive advantage in the hotel market, which regulators determined was a segment where the company held a dominant position.
According to the court’s reasoning, flight bookings represent a lower-margin customer acquisition mechanism that ultimately directs travelers into Booking’s higher-margin hotel booking business. The acquisition would have strengthened this dynamic and further consolidated Booking’s market position across multiple travel categories. The General Court’s confirmation of the prohibition demonstrates the European Commission’s continued scrutiny of consolidation among major online travel platforms.
The ruling extends beyond the specific transaction and carries implications for the broader merger and acquisition landscape in European travel and related industries. Companies pursuing superapp strategies in Europe, similar to initiatives undertaken by firms like Uber, may face regulatory headwinds if regulators determine they already hold dominant positions in particular market segments. The decision underscores the regulatory environment’s influence on how major travel companies can expand their portfolios and integrate complementary services.
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