European lawmakers have denied Booking Holdings’ appeal regarding its acquisition of Etraveli Group.
The EU's General Court today upheld the European Commission’s (EC) decision that the deal would have boosted Booking’s dominant position “by increasing barriers to entry and expansion.”
The EC barred the deal to acquire Etraveli Group three years ago, with Booking Holdings subsequently appealing the decision.
The online travel giant first announced the acquisition of Etraveli for €1.6 billion in late 2021, and a year later, the EC opened its investigation into the deal deciding it warranted closer examination.
In recent years, Booking Holdings president and CEO Glenn Fogel has said the European regulatory landscape could stifle innovation and investment, pointing to Booking's designation as a digital gatekeeper as well as the blocked Etraveli acquisition.
In today’s judgement, the court rejected the online travel giant’s argument that regulators departed from “settled law and precedent” and said the commission can allow for “new forms of competition concerns, such as those which may arise in digital markets.”
It also said that the European body did not “misinterpret” guidelines around mergers and agreed with the commission’s decision that the deal would significantly impede competition.
A statement from Booking Holdings said: “We disagree with the outcome and remain firmly of the view that the commission’s assessment was wrong, both on the facts and on the law. We are reviewing the judgment and a possible appeal to the European Court of Justice.”