Expedia Group Inc shares increased by more than 7% in after-hours trading on Wednesday following a Financial Times report that Uber Technologies Inc. is contemplating a potential acquisition of the online travel company.
The report suggests that Uber had consulted advisers in recent months regarding the bid, though discussions remain in the early stages.
This idea was initially proposed to Uber by a third party and no formal communication between Uber and Expedia has taken place.
Neither company has provided comments.
An acquisition of Expedia, which currently holds a market capitalisation of around $19.68 billion, would significantly expand Uber’s consumer reach and support its ambitions to become a 'super app'.
Uber’s chief executive Dara Khosrowshahi previously served as CEO of Expedia from 2005 to 2017 and continues to be a board member of the company.
Following the news, Expedia’s shares rose 7.2%, though they remain relatively flat year-to-date, despite an increase of over 50% in the past 12 months.
Uber’s stock decreased by 2.9% in extended trading but has gained 33% year-to-date and is up more than 90% in the past year.