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The Associated Press, November 5, 2015
NEW YORK (AP) — Travel booking site Expedia says it's buying short-term rental marketplace HomeAway for $3.9 billion to boost its presence in the vacation rental market.
The Bellevue, Washington, company said Wednesday it's paying roughly $38.31 in cash and stock for each share of HomeAway, of Austin, .
Both companies' boards have approved the deal, which they expect to close next year.
HomeAway Inc. says it has more than 1 million paid listings of vacation rental homes in 190 countries. Along with its namesake site, Expedia Inc.'s portfolio also includes Hotels.com, Orbitz and Travelocity.
In after-hours trading, HomeAway's shares added 22 percent to $39.05. Expedia's shares rose 2.8 percent to $137.95.
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