Expedia has acquired Australian online travel company Wotif Group for 703m AUD (£384m),

The price is based on Wotifs volume-weighted average share price for the five trading days leading up to and including July 4, with an added premium of approximately 30 per cent.

Brands operated by Wotif in the Asia-Pacific region include Lastminute.com.au, Travel.com.au and LateStays.com.

“Wotif Group is well positioned in the Asia-Pacific region with a portfolio of leading travel brands,” said Expedia president and CEO Dara Khosrowshahi. “This acquisition will allow both companies to continue driving growth opportunities by leveraging the unique strengths each brings to the table. Wotif Group will add to our collection of travels most trusted brands and enhance our Asia-Pacific supply, while Expedia will expose Wotif Groups customers to our extensive global supply and world-class technology.”

Wotif reported gross bookings of 593m AUD and revenues of 76 AUD during H2 2013.