Priceline Europe Gets Another $25 Million from General Atlantic
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priceline.com on Thursday announced it has secured an additional $25 million from General Atlantic Partners LLC to finance its Priceline Europe operations, bringing the total amount of its investment in the new company to $50 million.
General Atlantic helped capitalize Priceline Europe's Web site (www.priceline.co.uk) at its inception last June. The company operates as an independent entity, licensing its business model and intellectual property for a fee. priceline.com has an option to purchase an equity stake in the company but currently holds no interest.
"Priceline Europe is an important part of priceline.com's strategy of focusing on growing and expanding our core businesses in the U.S. and key international markets," said Richard S. Braddock, chairman of priceline.com. "General Atlantic Partners has been a strategic partner of priceline.com since our beginning in the U.S. This additional funding by them provides valuable assistance in helping to meet our mutual business goals and represents a strong endorsement of priceline.com."
In addition to the financing, General Atlantic Partners is providing operational and strategic support through its professional staff. priceline.com Europe's management team includes Dennis Malamatinas, Diageo plc director and chief executive officer of Burger King, and Timothy G. Brier, former president of Priceline Travel who now serves as Priceline Europe's chairman.
"Priceline Europe has everything in place to move forward," said Priceline Europe President and CEO Dennis Malamatinas. "Our team is ready, our Web site is up and running, and we have an impressive group of supplier/partners on board. This injection of funds will help us build on this solid foundation, allowing us to spread the marketing word and establish ourselves as a pre-eminent European brand."
rose 17/32 to 2-19/32.