Online travel site Lastminute.com said Monday that it is buying Travelselect.com, a U.K.-based supplier of cheap airline tickets, for $12.9 million (9 million pounds). Travelselect sells airline tickets and Eurostar train tickets and offers reservations for hotel rooms and rental cars online. The deal will triple the number of airline flights offered by Lastminute. Lastminute has seen its share price more than triple since hitting its lowest point in September, and analysts believe the purchase bodes well for the online travel industry.
Lastminute Chief Executive Brent Hoberman said in a statement that the two companies were complementary and that the takeover will help his company offer new services to customers. "Travelselect.com adds substantially to the range and scale of Lastminute.com's flights business, and this will be particularly important when we introduce dynamic packaging later this year, enabling customers to create their own flight and hotel packages," he said.
Graeme Wearden reported from London.
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