Report: Priceline Group Confirms Buy Of Startup Rocketmiles

Priceline Group Inc. PCLN reportedly confirmed its expected acquisition of the Chicago-based startup Rocketmiles for an undisclosed price.

Norwalk, Connecticut-based Priceline was expected to pay about $20 million to acquire Rocketmiles, the Wall Street Journal reported last month.

Rocketmiles, which launched in 2013, offers frequent flyer miles to travelers who book hotel rooms through its website.

The startup obtained $6.5 million in venture capital earlier this year in a Series-A round led by August Capital, with participation from Peterson Ventures, Link Ventures and Atlas Venture.

Priceline said earlier Tuesday it aims to raise $500 million in a proposed offering of senior notes for for general corporate purposes, which may include buybacks, debt repayment and acquisitions.

Priceline was up about $7 (0.6 percent) at $1,198 in Wednesday's premarket.