![]() |
![]() | #1 |
Senior Member ![]() ![]() ![]() ![]() ![]() Join Date: Sep 2001 Location: Plano,TX USA
Posts: 388
| Expedia Buys Vacation Wholesaler
Expedia Buys Vacation Wholesaler
__________________Online travel merchant Expedia Inc. bolstered its vacation line by acquiring a vacation wholesaler from Classic Vacation Group Inc. for $52 million in cash and stock. Classic Custom Vacations is a CLV unit that wholesales vacation packages to Hawaii, Mexico, North America, Europe and the Caribbean. The deal enhances Expedia's custom vacation package business. CLV will be liquidated after the purchase. Bellevue, Wash.-based Expedia said the deal involves payment of $5 million in cash and the retirement of about $47 million of Classic Vacation Group debt using Expedia common stock while assuming net liabilities of about $30 million. Expedia stock was up $1.45 on the news, to $44.66 in mid-day trading. Expedia said CCV expects to report a profitable 2001, with approximately $300 million in gross travel sales. http://ecommerce.internet.com/news/n...960381,00.html |
![]() | ![]() |
![]() | #2 |
Senior Member ![]() ![]() ![]() ![]() ![]() Join Date: Sep 2001 Location: Plano,TX USA
Posts: 388
| Expedia Buys Vacation Wholesaler
Expedia Buys Vacation Wholesaler Online travel merchant Expedia Inc. bolstered its vacation line by acquiring a vacation wholesaler from Classic Vacation Group Inc. for $52 million in cash and stock. Classic Custom Vacations is a CLV unit that wholesales vacation packages to Hawaii, Mexico, North America, Europe and the Caribbean. The deal enhances Expedia's custom vacation package business. CLV will be liquidated after the purchase. Bellevue, Wash.-based Expedia said the deal involves payment of $5 million in cash and the retirement of about $47 million of Classic Vacation Group debt using Expedia common stock while assuming net liabilities of about $30 million. Expedia stock was up $1.45 on the news, to $44.66 in mid-day trading. Expedia said CCV expects to report a profitable 2001, with approximately $300 million in gross travel sales. http://ecommerce.internet.com/news/n...960381,00.html |
![]() | ![]() |
![]() |
Thread Tools | Search this Thread |
| |