STAMFORD, Conn. -- Priceline.-com here said last week it has formed a new company in partnership with General Atlantic Partners, a Greenwich, Conn.-based investment firm, to license Priceline's business model in Europe.
Malamatinas, currently chief executive officer of Burger King Corp., will become Priceline.com Europe president and CEO on Sept. 1, and Timothy G. Brier, a Priceline founder, has been named the new company's chairman, effective immediately.
Priceline.com Europe will pay Priceline.com an annual licensing fee in respect of Priceline.com's intellectual property. In addition, Priceline.com purchased a warrant allowing it to take a majority stake in its European offspring under certain conditions.
Until it exercises that warrant, Priceline.com will not hold an equity stake in the new company, and results from the new company will not be included in Priceline.com's financial statements.