Expedia shares surge on report Uber considered potential bid

Investing.com– Shares of travel booking firm Expedia Inc (NASDAQ:EXPE) rose sharply in aftermarket deals on Wednesday after the Financial Times reported that Uber Technologies Inc (NYSE:UBER) had considered a bid for the firm.

Expedia jumped 7.1% to $161.50, while Uber fell 2.6% to $79.70. 

The FT reported that Uber had approached advisors in recent months over a potential takeover, with the ride-hailing giant looking to build a “Super App” by incorporating Expedia. A deal figure was not mentioned. 

Expedia has a market capital of $19.64 billion as of Wednesday’s close. Any potential acquisition would be by far Uber’s biggest buy, as it looks to diversify further beyond its rides business and into other avenues.

Uber’s shares surged to a record high last week after Tesla Inc’s (NASDAQ:TSLA) Robotaxi reveal largely underwhelmed, quelling some concerns over competition from autonomous vehicles. 

Uber had earlier this year acquired Taiwan’s Foodpanda for around $1 billion, with food delivery being the firm’s biggest attempt at diversifying beyond its core ride-sharing business.