Transat announces sale of Anyway.com to IAC/InterActiveCorp, owner of Expedia - Expedia, Inc. to extend presence in France through Anyway addition to IAC Travel portfolio.
Transat A.T. Inc. today announced that it has entered into an agreement to sell its French subsidiary Anyway.com (http://www.anyway.com/) to IAC/InterActiveCorp for an enterprise value of (euro)53 million (approximately CAD$81.6 million, $62.7 million USD USD
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The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ). The sale is expected to close by October 31, 2003. Anyway will join IAC (1) (InterApplication Communications) The interprocess communications capability in the Macintosh starting with System 7.0. Many IAC events take place behind the scenes. Travel, a division of IAC/InterActiveCorp that encompasses leading online travel brands including Expedia.com, Interval International Interval International is an affiliated exchange company that arranges vacation exchanges for timeshare owners. Their exchange network includes more than 2,200 resorts and nearly 2 million member families worldwide. Similar to RCI, Interval International, I.I. , TV Travel Shop, Hotels.com and Hotwire.com.
The full year gross bookings for Anyway are estimated to be approximately (euro)80 million (CAD$123.2 million, $94.6 million USD). Anyway is the third largest online travel site in France. It was created in 1988 as a discount travel agency and expanded into online Minitel services in 1995 and into Internet services in 1999. Anyway is headquartered in Paris and employs more than 100 people.
Next to the U.K., France represents the largest online travel market in Europe. By 2005, French online sales are expected to jump 263% to (euro) 6.9 billion (CAD$10.6 billion, $8.1 billion USD), according to according to
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3. travel research firm PhoCusWright.
"As the leading seller of discount air travel and one of the fastest growing online travel sites in France, Anyway is a compelling addition to the IAC Travel portfolio," said Simon Breakwell, managing director of Expedia's European operations. "Anyway gives us access to the best air net fares in France and provides a tremendous opportunity to create synergies with other IAC Travel businesses, such as cross selling discount air, merchant hotels and cars and destination services. With the acquisition of Anyway, IAC Travel will be the best positioned to provide the most comprehensive and compelling travel offering to French travelers."
IAC Travel is already a leader in European travel: Expedia, Inc. operates branded websites in the UK, Germany, Italy and The Netherlands, all of which occupy leading positions, in addition to Voyages-SNCF.com, the successful joint venture with the SNCF SNCF Société Nationale des Chemins de fer Français (French National Railways)
SNCF Sans Nous les Cafés Ferment (French) in France. IAC also operates TV Travel Shop, the UK's leading television seller of travel, as well as country-specific versions of Hotels.com in the U.K., Germany, Italy, France, Sweden, Denmark, Ireland, Norway, Netherlands, Belgium, Austria, Switzerland, Spain and Canada.
"Transat A.T. Inc. is a Canadian-based, global travel industry leader with whom we see tremendous opportunities for future collaboration," said Stuart MacDonald, managing director of Expedia Canada Corp., operator of Expedia.ca. "We are thrilled to welcome Anyway to the IAC Travel portfolio."
"The sale of Anyway is in line with Transat's stated strategy," said Jean- Marc Eustache, President and Chief Executive Officer of Transat A.T. Inc. "This transaction will be beneficial to all parties. Under its new ownership, Anyway and its employees will continue to thrive. As for Transat, we will continue to focus on our core activities in France -- tour-operating -- and continue the development of our brands, which include the well-known Look- Voyages and Vacances Air Transat Air Transat A.T. Inc. is an airline based in Montreal, Quebec, Canada, operating scheduled and charter flights and serving 90 destinations in 25 countries. The airline is owned and operated by Transat A.T. (France)."
About Transat A.T. Inc ----------------------
Transat A.T. Inc., one of the leading leisure companies in the world and the leader in Canada, with its head office in Montreal, is an integrated company specializing in the organization, marketing and distribution of holiday travel. The core of its business is in Canada and France. Transat is also involved in air transportation, value-added services offered at travel destinations and distribution through travel agency networks. Transat is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE)
Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSX TSX Toronto Stock Exchange (TSE before April, 2002)
TSX Transfer from Stack Pointer to Index
TSX True Space Extension :TRZ TRZ Tiruchirapally, India - Civil (Airport Code) ).
About IAC/InterActiveCorp -------------------------
IAC/InterActiveCorp, formerly USA Interactive, consists of IAC Travel, a division of the company that encompasses Expedia, Inc., which oversees Interval International, TV Travel Shop, Hotels.com and Hotwire.com. IAC has entered into an agreement to acquire Hotwire, which is expected to close during the fourth quarter of 2003, subject to customary regulatory approvals. The other operating businesses of IAC are: HSN HSN Home Shopping Network
HSN High Speed Network
HSN Hereditary Sensory Neuropathy
HSN Highly Saturated Nitrile
HSN Healthy Schools Network, Inc.
HSN Hopping Sequence Number
HSN Historical Sample of the Netherlands
HSN Haiti Support Network ; Ticketmaster, which oversees Evite and ReserveAmerica; Match.com, which oversees uDate.com; Entertainment Publications; Citysearch; Precision Response Corporation; and LendingTree. The goal of IAC is to be the world's largest and most profitable interactive commerce company by pursuing a multi-brand strategy.
Forward-looking statements --------------------------
This news release contains certain forward-looking statements with respect to the Corporation. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. The Corporation considers the assumptions on which these forward-looking statements are based to be reasonable, but cautions the reader that these assumptions regarding future events, many of which are beyond its control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Corporation. For additional information with respect to these and other factors, see the Annual Information Form and Annual Report (Management Discussion and Analysis) filed with Canadian securities commissions. The Corporation disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Transat A.T. Inc., Nelson Gentiletti, 514/987-1660; Expedia Canada Corp., Amy Wood, Edelman, 416/979-1120, firstname.lastname@example.org or Melinda Hawkins, Edelman, 416/979-1120, email@example.com or Julie Perrier (514) 844-6665, firstname.lastname@example.org; IAC/InterActiveCorp, Deborah Roth, 212/314-7254