Air Transport World

IAC to buy Hotwire for $685 million.(IAC/InterActiveCorp. )

IAC/InterActiveCorp. entered into an agreement to acquire US discount travel website Hotwire for $665 million in cash plus assumption of about $20 million of options and warrants. Following the acquisition, Hotwire will remain a separate subsidiary and brand within IAC Travel, the company's newly formed single travel division. IAC, which also owns travel website Expedia, said it estimated that Hotwire's 2003 full-year gross bookings will total some $700 million with net revenue of about $110 million. …

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