Watch stocks you care about
The single, easiest way to keep track of all the stocks that matter...
Your own personalized stock watchlist!
It's a 100% FREE Motley Fool service...
Vacation apartment rental website HomeAway (NASDAQ: AWAY ) 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.