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Cheapflights sells off non-flights business
AIM listed e-commerce company Internet Business Group has acquired a number of non-flight websites from Cheapflights.com for £1.1 million.
The websites include CheapHolidayDeals.co.uk and CheapAccommodation.com.
These are advertising sites promoting competitive rates from UK travel operators, mainly on a cost per click basis.
In addition, IBG has bought around 75 domain names which are variations of CheapHolidayDeals, CheapAccommodation or CheapShortBreaks. The deal does not include e-mail databases.
Cheapflights CEO David Soskin said: “This transaction enables us to focus on our core flights price comparison business in the UK, to continue the company’s hyper-growth in the US, and to devote resources to our planned international expansion.”
IBG chairman Maziar Darvish said: “This transaction has significant strategic value for the company. The reach of the acquired operations are highly complementary with IBG’s existing holiday search platform, Henoo.com and AffiliateFuture’s established position in the travel sector.
“IBG now offers a very broad and exciting mix across the sector and this acquisition further consolidates the company’s expertise within travel.“
IBG non-executive director Andrew Doe will oversee its growing travel portfolio for three months.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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