Expedia Targets B2B Growth With CarTrawler Talks and Tiqets Deal

Expedia Group is expanding its business-to-business distribution operations through targeted travel technology acquisitions [[1], [2]]. After deploying $279 million on first-quarter acquisitions—primarily purchasing Amsterdam-based ticketing platform Tiqets in February—Expedia has engaged in talks to acquire or invest in Dublin-based ground transport provider CarTrawler, which carries an estimated valuation between $450 million and $550 million [[1], [2]].

What are the terms of Expedia's discussions with CarTrawler?

Expedia Group and investment bank Evercore met with CarTrawler's leadership team and its owner, private equity firm TowerBrook Capital Partners, at CarTrawler's Dublin headquarters, Skift reported [1]. Options evaluated during the discussions include a full acquisition, an investment, or an expanded partnership [1]. An acquisition could value the privately held Irish travel tech company between $450 million and $550 million, according to Skift [1]. A completed deal would provide an exit for TowerBrook Capital Partners following a period in which CarTrawler faced operational struggles [1].

Why is Expedia targeting B2B car rental and ground transport?

Expedia seeks to solve an operational weakness in its partner-facing car rental technology stack [1]. Skift reported that while Expedia's B2B division is established in hotel lodging distribution, car rentals remain a consolidated, complex arena with direct competition from rental brand websites [1]. CarTrawler operates as a B2B provider of car rentals, ground transportation, and insurtech across more than 150 countries, serving over 300 travel brands [1]. The two companies have operated as partners for years [1]. Acquiring the platform would allow Expedia's B2B division to package lodging, airport transfers, rides, and insurance into a unified offering for airlines, travel agencies, corporate loyalty programs, and financial institutions [1].

How much did Expedia spend on acquisitions in early 2025?

Expedia disclosed in its quarterly 10-Q financial filing that it spent $279 million on acquisitions during the first quarter, Skift reported [2]. That expenditure was driven by the closing of its deal to acquire Tiqets, an Amsterdam-based online ticketing platform for tourist attractions acquired in February [[1], [2]]. Although Expedia did not explicitly tie the full $279 million line item to Tiqets in the filing text, the acquisition accounted for the quarter's primary capital deployment [2].

How did the Tiqets sale affect external investors like Airbnb?

Airbnb recorded a $70 million gain in the first quarter resulting from the sale of its investment stake in Tiqets, according to Skift [2]. Airbnb had previously backed the Amsterdam ticketing company as an investor [2]. Airbnb disclosed the $70 million gain in its Q1 shareholder disclosures, which contributed to its quarterly net income while the company continues to run its own standalone Experiences division [2].

Where does Tiqets fit within Expedia's tech infrastructure?

Expedia plans to integrate Tiqets directly into its B2B distribution platform before rolling the inventory out to its consumer-facing travel brands, Skift reported [2]. By integrating attraction inventory alongside lodging, Expedia mirrors the multi-product bundling model it plans for CarTrawler's ground transport network [[1], [2]]. These steps follow an earlier wave of major corporate transactions by Expedia, which purchased consumer platforms Orbitz, Travelocity, and HomeAway in 2015 [1].