Expedia acquires vacation wholesaler
Online travel agency Expedia said Wednesday that it has acquired Classic Custom Vacations, a wholesaler of custom vacation packages, for about $52 million in cash and stock. Expedia paid Classic Custom Vacations about $5 million in cash and $47 million in stock for Customer Vacations, which works with brick-and-and mortar travel agencies to tailor vacation packages for customers. The company posts about $300 million in gross travel sales annually. Expedia spokeswoman Suzi LeVine said that the move is designed to help diversify the Bellevue, Wash.-based company's revenue streams as well as build up its wholesale business.
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Online travel agency Expedia said Wednesday that it has acquired Classic Custom Vacations, a wholesaler of custom vacation packages, for about $52 million in cash and stock. Expedia paid Classic Custom Vacations about $5 million in cash and $47 million in stock for Customer Vacations, which works with brick-and-and mortar travel agencies to tailor vacation packages for customers. The company posts about $300 million in gross travel sales annually. Expedia spokeswoman Suzi LeVine said that the move is designed to help diversify the Bellevue, Wash.-based company's revenue streams as well as build up its wholesale business.