Expedia to buy rival travel site Orbitz

Expedia is buying rival online travel site Orbitz for approximately US $1.33 billion.

The deal comes less than a month after Expedia announced the $280 million acquisition of another rival, Travelocity.

Orbitz owns CheapTickets and HotelClub, while Expedia owns Hotels.com and Hotwire.

Expedia, based in Washington, will pay $12 per share, a 25% premium on the closing price of Orbitz on Wednesday.

The boards of both companies have approved the deal, but it still requires a nod from Orbitz shareholders.

Shares of Orbitz Worldwide, based in Chicago, are up more than 23% in premarket trading and Expedia is up 5%.