US e-commerce company Liberty Interactive Corporation (NASDAQ:LINTA) has taken voting control of TripAdvisor Inc (NASDAQ:TRIP) after buying 4.8m shares in the travel information website from Barry Diller and the Diller-von Furstenberg Family Foundation, the pair said.
The deal, at USD62.50 (EUR48.02) per share, or a total of USD300m, gives the buyer control of some 22% of TripAdvisor’s equity and 57% of its total votes.
The companies also announced Barry Diller has stepped down as chairman of the board of directors of TripAdvisor. He will continue as a director. Diller said that the reason for his resignation and the disposal of his interests was the lack of time.
TripAdvisor manages and operates websites that offer advice, booking and planning tools. They operate in 30 countries and have more than 60m unique monthly visitors and over 75m reviews and opinions.