Summary
Priceline.com Incorporated (now Booking Holdings Inc.) announced on December 18, 2000, that its Australian joint venture, Myprice Pty. Ltd., will not proceed with its planned market entry into Australia and New Zealand. This decision impacts equity investors in Myprice, including SFN Investments, affiliates of Soros Private Equity Partners, and Telstra. The company had previously purchased a convertible note as part of the Myprice formation agreement. As a result of this development, Priceline.com anticipates recognizing a charge in the fourth quarter of 2000 related to its investment in Myprice. Investors should note this charge as it will impact the company's reported earnings for that period. The full details of this announcement are contained in a press release issued by Priceline.com on the same date.
Key Highlights
- 1Priceline.com's Australian subsidiary, Myprice Pty. Ltd., will not launch in Australia and New Zealand.
- 2The decision impacts equity investors in Myprice, including SFN Investments, Soros Private Equity Partners affiliates, and Telstra.
- 3Priceline.com had invested in Myprice via a convertible note.
- 4The company expects to record a fourth-quarter charge related to its Myprice investment.
- 5This event is reported via an 8-K filing dated December 19, 2000, referencing an event on December 17, 2000.