Cendant to buy Cheap Tickets

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"Real estate and hotel giant Cendant Corp. has agreed to buy Cheap Tickets, a travel agency with the fifth-largest sales on the Internet, for $425 million in cash. […] Cheap Tickets, a 15-year-old travel agency based in Honolulu, generates 40% of its gross bookings online and the remainder through its toll-free number and 12 retail stores. It is one of the few online travel agencies to turn a profit, reporting earnings of $12 million in fiscal 2000 on revenue of $98.4 million."

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