EU court upholds EU antitrust veto of Booking's ETraveli deal

• The acquisition would have combined Booking's hotel dominance with ETraveli, Europe's leading online flight booking operator
• The Commission found the deal would leave rivals unable to compete in the online travel market
• Europe's second-highest court rejected all of the U.S. company's arguments in the case T-1139/23

Summary: EU Court Upholds Antitrust Veto of Booking's ETraveli Deal

The European Union's General Court ruled Wednesday in favor of EU antitrust regulators, upholding their 2023 decision to block Booking Holdings' €1.63 billion ($1.9 billion) acquisition of ETraveli. The Luxembourg-based court rejected all arguments presented by the U.S. online travel company.

Key Details:

• Deal value: €1.63 billion ($1.9 billion)
• Original decision: Blocked by European Commission in 2023
• Case number: T-1139/23 Booking Holdings v Commission

Regulatory Reasoning:

The European Commission determined that acquiring ETraveli Group—Europe's leading online flight booking operator—would have strengthened Booking's already dominant position in the online travel agency market, specifically in the hotel sector. Regulators argued the deal would have created an integrated travel ecosystem that would effectively shut out competitors.

Court Decision:

The General Court agreed with the Commission's assessment, stating that regulators "found, correctly" that the acquisition would have anticompetitive effects and prevented rival online travel agencies from competing effectively.

Market Implications:

This decision reinforces the EU's aggressive stance on tech and platform consolidation, particularly regarding dominant market players seeking to expand through acquisitions. The ruling sets a precedent for scrutiny of vertical integration in the online travel industry and signals continued regulatory vigilance over deals that could strengthen already-dominant positions. For Booking Holdings, this represents a significant setback in its growth strategy and a costly failed acquisition attempt dating back three years.