By Colin Kellaher

Expedia Group Inc. (EXPE) on Tuesday said it acquired AirAsia Group Bhd's remaining 25% stake in AAE Travel Pte. Ltd., the joint venture the companies formed in March 2011.

The Bellevue, Wash., online-travel company said the cash consideration for the deal is $60 million, net of AirAsia's concurrent purchase of AirAsiaGo.com domain names and related assets from the venture.

Expedia has held a 75% stake in AAE Travel since 2015.

"Acquiring full ownership of AAE Travel reflects our belief in the immense potential for us in the over $485 billion Asian travel market," said Mark Okerstrom, president and chief of Expedia.

AirAsia said the sale marks the divestiture of the last of its non-core investments from a round of joint ventures. The Malaysia-based low-cost carrier said it will use the proceeds to develop products such as BigPay, Travel 360, Redbox Logistics and Ourshop.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 14, 2018 06:30 ET (10:30 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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