Momondo Group bosses Hugo Burge, the chief executive, and Andrew Shelton, managing director of its Cheapflights brand, will leave following the completion of the Priceline buyout.
It was confirmed this week that the Momondo division will operate under Priceline Group’s metasearch brand Kayak following the $550 million takeover.
The company, which is based in the UK and Copenhagen and has a US office in Boston, will report into Kayak chief executive Steve Hafner.
Finalisation of the previously announced deal sees private equity firm Great Hill Partners exit Momondo Group after four years.
Managing partner Michael Kumin said: “We are proud to have partnered with Momondo Group to help build one of the most dynamic companies in the global online travel market, serving a loyal base of consumers across the globe.”
Hugo Burge, outgoing chief executive of Momondo Group, added: “I want to thank Great Hill Partners for their support in helping us reach a leadership position in the metasearch market since 2013.
“They have been an invaluable partner in facilitating our global expansion and supporting our purpose driven strategy behind the continued development of our leading Momondo and Cheapflights brands. I’m glad to have had the opportunity to work with them to a highly successful outcome.”
Burge added: “A big day in many ways. Excited that Cheapflights and momondo formally become part of the Kayak family, with a common vision to make travel search better.
“A new great new chapter begins and a chapter closes for me as I step down from my role as CEO and leave the group. It’s been an incredible journey at Momondo Group that I feel very privileged to have had.
“The people I’ve worked with have been amazing and I’ve learned so much. I have so many wonderful memories and a warm sense of pride as I watch the brands become part of something bigger, stronger and even more able to carry on the fight for better travel search. I will watch with interest.”
Priceline Group president and chief executive Glenn Fogel said: “Momondo and Cheapflights are premium brands that have garnered a loyal customer base throughout key markets in Europe, and we couldn’t be more excited to welcome the Momondo Group team to the Priceline Group family.”
Hafner said: “Adding momondo and Cheapflights to Kayak’s portfolio of brands helps further our mission of providing the world’s favourite travel planning tools. We’re eager to learn from each other to make each brand and business even better.”
Cheapflights managing director Andrew Shelton will step down after three years with the business.
Former Virgin Holidays marketing director Shelton joined Cheapflights as marketing director before being promoted to managing director in September 2015.
He said: “I was very pleased by yesterday’s announcement, and am confident that Cheapflights has an exciting future as part of the Kayak family.
“I can confirm that I will be leaving to pursue new opportunities but in the meantime will be working with the team to ensure a smooth transition.”
He added: “I have found it immensely rewarding to be part of the growth of Cheapflights and see it go from strength to strength over the last three years, and this is the beginning of an exciting new chapter for the business.”