The Greatest Deal Maker You've Never Heard Of: Glenn Fogel, Booking Holdings CEO

Acquisition Success

Glenn Fogel, CEO of Booking Holdings, shares his insights on successful acquisition strategies that have shaped the company. He emphasizes the importance of thorough diligence and understanding the true value of acquisitions beyond financial metrics. Fogel notes, "The first thing is, don't do something that's going to destroy the company," highlighting the need for strategic alignment and cultural fit 1. He also discusses the balance between integration and autonomy, stating that maintaining the original management team can often be more beneficial than full integration 2.

   

Lessons Learned

Learning from past failures, Glenn Fogel reflects on the common pitfalls in mergers and acquisitions. He identifies ego and desperation as key drivers of poor decisions, often leading to misaligned cultures and unmet expectations 3. Fogel shares a specific example where a promising acquisition failed due to a lack of integration and buy-in from the broader company. He explains, "We couldn't get the rest of the company to work closely with these people because they were so busy just growing what their own business was," underscoring the importance of internal alignment 4.

   

Post-Pandemic Strategy

In the post-pandemic landscape, Glenn Fogel discusses strategic acquisitions like Getaroom and Etraveli, emphasizing timing and valuation. He notes the challenges of acquiring companies during market dislocations, where desired companies are often unwilling to sell at depressed valuations 5. Fogel explains, "The problem is many of these, all of them, they knew what I knew, which is this will not last," highlighting the strategic patience required in such scenarios. This approach reflects a careful balance between opportunity and risk in a volatile market.