EU Blocks Booking Deal
EU Court Upholds Block on Booking Holdings Acquiring Flight Firm Etraveli
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Key Points
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The General Court rejected Booking’s claims that the Commission had departed from established merger-law precedent, holding that regulators may address “new forms of competition concerns” arising in digital markets.
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Booking first announced the Etraveli acquisition for €1.6 billion in late 2021, and the Commission opened an in-depth investigation a year later before blocking the transaction in 2023.
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Etraveli is owned by private-equity firm CVC Capital Partners and operates the flight-booking brands Gotogate and Mytrip, as well as TripStack, an airline-content distribution service.
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Booking President and CEO Glenn Fogel has argued that Europe’s regulatory environment could discourage innovation and investment, citing both the company’s digital-gatekeeper designation and the blocked Etraveli deal.
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The ruling can be appealed to the Court of Justice of the European Union, Europe’s highest court; Booking said it was reviewing that option and maintained that the Commission’s assessment was wrong “both on the facts and on the law.”
Europe's highest court has blocked Booking Holdings' €1.63 billion purchase of flight-booking company Etraveli, ruling that the deal would unfairly strengthen Booking.com's grip on the travel market EU Today. The General Court upheld the European Commission's 2023 rejection on September 9, finding that Booking would gain control of a key way customers find flights — giving it even more power over rivals TravelMole.
Why Regulators Killed the Deal
Booking already dominates hotel bookings across Europe. By buying Etraveli — which operates flight-booking brands like Gotogate and Mytrip — Booking would control both hotels and flights Dig.Watch. This combination lets Booking lock customers into its ecosystem and makes it harder for smaller competitors to survive. The court agreed this harms consumer choice.
Booking had claimed the deal would create a better travel experience and boost efficiency. The court rejected this argument, saying any benefits could not offset the anti-competitive damage PYMNTS. Regulators worried that owning a major flight-booking channel would give Booking unfair leverage over airlines and other travel providers.
Booking's Long Fight to Acquire Etraveli
Booking announced the Etraveli purchase in late 2021 for €1.6 billion. The European Commission opened a full investigation in 2022 and blocked the deal in 2023, citing competition concerns EU Today. On September 9, the General Court upheld that ban, rejecting Booking's argument that the Commission broke its own merger-review rules.
The court said regulators can address "new forms of competition concerns" in digital markets — a ruling that applies beyond just this deal Dig.Watch. Etraveli is owned by private-equity firm CVC Capital Partners and also operates TripStack, an airline-content service that helps airlines sell tickets online.
Booking's Next Move and Bigger EU Tensions
Booking said it disagrees with the judgment and is reviewing an appeal to the Court of Justice of the European Union, Europe's highest court TravelMole. The company maintains the Commission got the facts and the law wrong. Booking has already faced intense EU scrutiny as a digital gatekeeper under new tech regulations.
CEO Glenn Fogel has criticized Europe's tough regulatory stance, arguing it chills innovation and investment Seeking Alpha. The Etraveli ruling signals that EU antitrust enforcers will continue blocking deals they see as cementing dominance in travel and other digital sectors, even if companies claim efficiency gains.
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