New Zealand's competition regulator has cleared online travel giant Expedia Inc to buy Wotif.com Holdings Ltd, leaving just one final regulatory hurdle for the A$699 million ($610 million) deal.
Concerns had been raised by hoteliers about the deal and the increased market share Expedia would have in some markets, knocking shares in Wotif.com on worries the deal might not be approved.
"All of the conditions precedent to the scheme of arrangement, save for approval by the Supreme Court of Queensland, have now been satisfied," Wotif.com said in a statement.
"A final hearing will be held at the Queensland Supreme Court tomorrow morning. It is expected that the final Court orders will be given at this hearing."
A green light for the deal would make it easier for U.S-based Expedia, the world's No. 2 travel website, to grow in Australia and the Asia-Pacific. It also ends uncertainty about the future of Wotif.com, which in August said annual profit fell by a sixth because of business lost to Expedia and another large U.S. rival, Priceline Group Inc.
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