By Giulia Petroni

The European Commission said Monday that it has prohibited Booking Holdings' proposed 1.6 billion-euro ($1.7 billion) acquisition of Sweden's Flugo Group Holdings, which operates as Etraveli.

The deal would have allowed Booking to strengthen its dominant position on the market for online travel agencies in the European Economic Area, according to the European Union's executive arm, leading to higher costs for hotels and possibly for consumers.

"Booking didn't offer remedies that were sufficient to address these concerns," the Commission said.

The decision follows an in-depth investigation opened last year.

Booking wasn't immediately available for comment when contacted by Dow Jones Newswires.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

September 25, 2023 05:01 ET (09:01 GMT)

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