Liberty Interactive (NASDAQ: LINTA ) has bought a majority interest in TripAdvisor (NASDAQ: TRIP ) from Barry Diller and the Diller-von Furstenberg Family Foundation, according to a press release issued today by TripAdvisor.
Liberty agreed to acquire nearly 4.8 million of both common and class B shares, for $62.50 each. The transaction results in Liberty Interactive owning approximately 39.6 million shares, equal to 57% of the voting shares outstanding. As part of the deal, Diller will relinquish his position as TripAdvisor's chairman of the board, but will retain a role as a director.
Diller commented on the transaction, stating, "My only reason for resigning as Chairman and disposing of my interests is that I have more obligations than time and transferring control of TripAdvisor to Liberty is something I'm very comfortable with."
Liberty President and CEO Greg Maffei said, "We are pleased to take voting control of our long-standing stake in TripAdvisor. ... TripAdvisor is an established leader in the travel industry and our increased investment in the company is a strong addition to our portfolio."