Shares of Expedia Group Inc. jumped more than 7% in after-hours trading Wednesday after the Financial Times reported Uber Technologies Inc. was considering a bid to buy the online travel company.
According to the FT, Uber UBER-1.56% has approached its advisers in recent months about a potential bid for Expedia EXPE-0.24%, though interest is in the early stages. Citing three unnamed sources familiar with the matter, the FT said a third party first floated the idea to Uber. The ride-hailing giant has not officially reached out to Expedia, the FT reported, and there are no ongoing talks between the companies.
Neither Uber nor Expedia immediately responded to requests for comment late Wednesday.
Acquiring Expedia would greatly expand Uber’s business and reach with consumers, and would bolster its efforts to become a “super app” with new avenues of growth.
Expedia has a market cap of about $19.68 billion, and if carried out, the acquisition would likely be Uber’s largest ever.
Uber Chief Executive Dara Khosrowshahi was CEO of Expedia from 2005-’17, and he remains a board member.
Expedia shares rose 7.2% in after-hours trading Wednesday. The stock is roughly flat year to date, though is up more than 50% over the past 12 months. Uber shares slid 2.9% in extended trading, but are up 33% year to date, and are more than 90% higher over the past 12 months.