NORWALK, CT- Prince Alwaleed bin Talal bin AbdulAziz Alsaud of Saudi Arabia, has agreed in principle to invest $50 million in priceline.com stock.
Under the terms of the investment, Prince Alwaleed will purchase from priceline.com Founder Jay Walker a forward contract to buy two million shares of priceline.com common stock at $25 per share, for an aggregate purchase price of $50 million. The forward agreement entitles Prince Alwaleed to take title to the priceline.com shares no earlier than September 8, 2001, and no later than September 8, 2002, prior to which Walker will retain voting control and record ownership of such shares.
Priceline.com is a consumer website offering discounted rates on everything from groceries to travel. In the 2nd quarter 2000, the company sold nearly a million combined hotel rooms and rental cars. (9/12/00)
