Feeds

Saudi Prince doubles stake in e-bid biz to $100m

Priceline.com gets the cash

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Saudi Prince Alwaleed Bin Talal plans to throw his money around in Web shares again.

The royal investor - nephew to Saudi Arabia's King Fahd - has agreed to plough another $50 million into e-bidding company priceline.com - bringing his total investment in the company to $100 million.

Under the deal, the prince will get a forward contract to buy two million shares at $25 each from Priceline founder Jay Walker. But he won't get his hands on the shares until between 8 September 2001 and the same date in 2002.

The Saudi businessman will also be able to buy an unspecified stake in Walker Digital Corp - the company that makes the software used by Priceline. According to a company statement, this is to compensate for the illiquidity of the investment.

This is his second investment in Princeline - which takes online bids for items such as flights and hotel rooms. In May he bought $50 million of shares in the company, which has seven million customers.

The prince is a keen investor in cyberstocks, and currently has a $1 billion stake in US ISP AOL. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.