REDMOND, WA, September 23, 1999—Microsoft Corp. (Nasdaq: MSFT) today announced that Expedia, Inc. has filed a registration statement with the Securities and Exchange Commission for an initial public offering of shares of its Common Stock.. Goldman, Sachs & Co. and Morgan Stanley Dean Witter are joint book-running managers for the offering.
Following the initial public offering, Expedia, Inc. will become a separate company, but will have a contractual relationship with and be majority-owned by Microsoft®. As part of the contractual relationship, Expedia, Inc. will continue to provide Travel travel services on the MSN.comTM network of Internet services.
Expedia, Inc. is the leading provider of branded online travel services for leisure and small business travelers. Expedia, Inc. operates its own website, located at http://expedia.com/ with localized versions in the United Kingdom, Germany, and Canada. The Expedia.com™ travel service offers consumers one-stop travel shopping and reservation services, providing reliable, real-time access to schedule, pricing and availability information for over 450 airlines, 40,000 hotels, and all major car rental companies.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
When available, copies of the preliminary prospectus relating to this offering may be obtained from Goldman, Sachs & Co. at 85 Broad Street, New York, NY 10004, 212-902-1000 and Morgan Stanley & Co. Incorporated at 1585 Broadway, New York, NY 10036, 212-761-4000.
Founded in 1975, Microsoft (Nasdaq: MSFT) is the worldwide leader in software for personal computers. The company offers a wide range of products and services for business and personal use, each designed with the mission of making it easier and more enjoyable for people to take advantage of the full power of personal computing every day.
Microsoft and MSN.com are either is a registered trademarks or trademarks of Microsoft Corp. in the United States and/or other countries.
Other product and company names herein may be trademarks of their respective owners.
For more information, press only:
Tom Pilla, Microsoft Corporate Communications
Edward Kuhlenkamp, Edelman Financial
For investors and analysts only:
Carla Lewis, Microsoft Investor Relations