Priceline Buys Stake in PricelineMortgage

October 10, 2001, 1:00 p.m. EDT 1 Min Read

Norwalk, Conn.-based Priceline has announced that it will exercise its option to take a 49% equitystake in PricelineMortgage, the "name your own price" loan service founded by priceline.com and AllianceCapital Partners. Priceline said PricelineMortgage has been operating profitablysince February 2001 and that its results will be consolidated with priceline.com's financial results in the fourthquarter. PricelineMortgage also announced the launch of a guaranteed best-rate promotion available through Nov.30. PricelineMortgage is guaranteeing that it will get borrowers the lowest-cost loan on the market at the timeor pay them $300 as a way of touting the company's promise to deliver the best deals on the Internet. The company'swebsite address is http://www.priceline.com.

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