Priceline Founder Sells Shares

NEW YORK— According to the Associated Press, Priceline.com founder Jay Walker is selling 25 million shares in the company for $110 million. Cheung Kong Holdings Ltd. and Hutchison Whampoa Ltd. will buy Walker’s shares, pending regulatory approval, in a move that will give them a 30% stake in the Norwalk, CT-based company. The deal will also make them the company’s largest shareholders and give them two more seats on the board of directors. Walker has sold or is selling his remaining 14.9 million shares and already sold $25 million worth of his Priceline shares to Hutchison in February. Walker said in a statement that Hutchison is the right partner for Priceline. He noted that the company operates hotels and other businesses central to Priceline’s name-your-price system for airline tickets, hotel reservations and other services. SOURCE:Associated Press