Feeds

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

Priceline.com gets the cash

  • alert
  • submit to reddit

The essential guide to IT transformation

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. ®

5 things you didn’t know about cloud backup

More from The Register

next story
Microsoft exits climate denier lobby group
ALEC will have to do without Redmond, it seems
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Kate Bush: Don't make me HAVE CONTACT with your iPHONE
Can't face sea of wobbling fondle implements. What happened to lighters, eh?
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
7 Elements of Radically Simple OS Migration
Avoid the typical headaches of OS migration during your next project by learning about 7 elements of radically simple OS migration.
BYOD's dark side: Data protection
An endpoint data protection solution that adds value to the user and the organization so it can protect itself from data loss as well as leverage corporate data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?