United Statesbased Expedia Group Inc has acquired the remaining 25 per cent equity interest in AAE Travel Pte Ltd, held by AirAsia Group Bhds wholly-owned subsidiary AirAsia Exp Pte Ltd, for US$60 million (RM240 million).

AAE Travel is a joint venture formed by AirAsia and Expedia in March 2011, in which Expedia had held 75 per cent equity prior to the latest acquisition.

AirAsia and Expedia said in a joint statement the amount would be net of AirAsias concurrent purchase of the AirAsiaGo.com domain names and related assets from AAE Travel Pte Ltd.

"AirAsia has been a fantastic partner for the past seven years, helping to establish brand Expedia as a strong and increasingly locally relevant player in Asia," said Expedia group president and chief executive officer (CEO) Mark Okerstrom.

AirAsiaGo.com, which offers AirAsia flight and hotel packages featuring Expedias lodging content, will continue to be powered by Expedia.

Okerstrom said acquiring full ownership of AAE Travel reflected the groups belief in the immense potential of the more than US$485 billion Asian travel market.

AirAsia Group CEO Tan Sri Tony Fernandes said proceeds from the disposal would be used to develop big unicorn products such as BigPay, Travel 360, Redbox Logistics and Ourshop.

"This first set of joint ventures has taught us a tremendous amount and shareholders who have seen huge returns from our first round of partnerships havent seen anything yet," he added.

Expedia Group is the world's travel platform which helps to knock down the barriers to travel, making it easier, more enjoyable, more attainable and more accessible. Expedia leverage its platform and technology capabilities across an extensive portfolio of businesses and brands to orchestrate the movement of people and the delivery of travel experiences on both a local and global basis.