Priceline's acquisition of metasearch player, Momondo, is the latest move in the European game of chess that is online travel. 

Priceline started the game in 2004 and 2005 with the hugely successful acquisitions of Active Hotels and Booking.com. More recently we have seen China's Ctrip acquire flight metasearch leader Skyscanner in a $1.7bn deal. Meanwhile, Expedia's Trivago hotel metasearch site executed a successful IPO in December. 

Momondo brings Priceline a strong footprint in the UK, Nordics and Russia. It is a great success for the Momondo team led by Hugo Burge and a strong return for Boston based Great Hill who financed the business in 2014. The deal was priced at 5x trailing net revenues.