Booking's Etraveli Deal Blocked, Giving Expedia an M&A Edge

Europe's General Court upheld a 2023 decision prohibiting Booking Holdings' roughly €1.63 billion ($1.9 billion) acquisition of Etraveli, the Swedish flights specialist and Booking partner. The court reasoned that flight bookings are a low-margin customer-acquisition channel that feeds travelers into Booking's high-margin hotel business, reinforcing its grip on the core market where the European Commission found it has a dominant position. Meanwhile, Expedia Group acquired Tiqets and Cartrawler this year to strengthen its B2B partner business, while Booking has fewer M&A options in Europe. The ruling affects the wider M&A scene in European travel and other sectors.