Priceline changing its name to Booking Holdings
New York – Priceline Group Inc. is changing its name to Booking Holdings, more in line with its global presence and a recognition that the vast majority of the company’s revenue comes from Amsterdam-based unit Booking.com.
Priceline, best known in the U.S. for its now-defunct name-your-own-price offer promoted by actor William Shatner, bought Booking.com in 2005 for about $133 million.
It now accounts for an estimated 80 percent of the company’s annual revenue of about $11 billion, making it one of the most successful acquisitions in internet history.
The change at the former Priceline Group Inc. is effective immediately. The company will begin trading under the ticker symbol “BKNG” on Feb. 27.
The travel website company operates in more than 220 countries. It said Booking.com, its largest brand, has more than 1.5 million properties and averages a million bookings per day.
The company’s websites include Booking.com, priceline.com, KAYAK, agoda.com, Rentalcars.com and OpenTable. The company will still be based in Norwalk, Connecticut.
Priceline has been pouring resources into marketing it in the country, working to compete with upstarts like Airbnb Inc. as well as traditional rival, Expedia Inc.
Rebranding the parent company as Booking Holdings reinforces for investors that Booking.com is the center of the company, Chief Executive Officer Glenn Fogel said in an interview.
“The company’s evolved significantly over our 20 years,” Fogel said. “There isn’t the awareness of how big our business is.”