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News > Technology
MSFT to sell Expedia stake
September 23, 1999: 2:54 p.m. ET

Software firm's online travel site files for initial public offering
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NEW YORK (CNNfn) - Microsoft Corp. Thursday filed to sell a stake of its Expedia online travel service in an initial public offering.
     Expedia lets Web surfers book flights, hotel rooms and car rentals. Earlier this month, Microsoft (MSFT) launched a hotel price matching service on Expedia that allows consumers to bid for hotel reservations.
     The move was a direct challenge to Priceline.com (PCLN), which has been successful in letting consumers bid for hotels, airfare and other products and services.
     Following the IPO, Expedia will become a separate company majority owned by Microsoft. Expedia will continue to provide travel services on Microsoft's MSN Internet service.
     Goldman, Sachs & Co. (GS) and Morgan Stanley Dean Witter (MWD) are acting as lead underwriters for the offering.
     Microsoft shares fell 1-5/8 to 94-7/16 in afternoon trade.Back to top

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