Tomtom
Inscrit le: 28 Sep 2003 Messages: 64 Localisation: Paris 8
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Posté le: Sam 21 Aoû, 2004 Sujet du message: CNG Travel Group plc has acquired PlacesToStay |
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http://www.eyefortravel.com/index.asp?news=42970
CNG Travel Group plc ("CNG" or "the Group"), a leading online travel and technology business, has acquired PlacesToStay (PTS) for $12.5million. (8/19/2004)
PTS, which has been collectively sold by WorldRes Inc and WorldRes Europe, is one of the world's leading consumer focused hotel website businesses. Its most successful website, PlacesToStay.com, is a leading consumer travel web site for finding and booking distinctive hotels, inns and resorts worldwide, and features the largest portfolio of independent properties anywhere online. PTS currently represents more than 5,000 destinations, and 8,000 "independent" hotels, in 140 countries, and this reach will be further enhanced by the addition of CNG's portfolio of hotels.
Commenting on the acquisition of PTS, Finbarr Power, Chief Executive of CNG, said:
"PTS is a leading online hotel brand in the leisure sector and is an excellent first acquisition for CNG following our flotation this summer. Upon completion of the Acquisition, PTS will be integrated immediately, creating for CNG an ideally balanced business between the corporate and leisure travel markets".
CNG claims that the acquisition will benefit shareholders by providing the business with more exposure to the high margin leisure sector, providing increased scale and profitability without the risks associated with integrating a large business. |
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