OneTravel sells for $25.5M
RCG agreed to acquire OneTravel Inc., a privately held online travel company, for $25.5 million in cash and a note.
RCG, which invests in travel and technology companies, agreed to pay $2.5 million deposit at the signing, $10.5 million in cash and $12.5 million in the form of a six-month promissory note that is convertible into RCG stock, reports Dow Jones.
OneTravel runs the travel Web sites CheapSeats.com and DiscountHotels.com
In a press release Thursday, RCG said the deal will enable the company to reach more than $300 million in gross bookings for the first 12 months after closing.
In 2004, OneTravel posted revenue of about $8.2 million based on gross bookings of about $94 million. For the fiscal year ended June 2004, RCG posted a loss of $12.1 million, or 72 cents a share, on revenue of $180.8 million.
Earlier this month, RCG most recently closed a deal to buy 1-800-CHEAPSEATS, another online travel company.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
Singapore to forbid entry to undesirable travelers with new no-boarding directive
Euromonitor International unveils world’s top 100 city destinations for 2025
U.S.A. and Israel attacks on Iran impact air movements in the Gulf (Update 1.00pm CET)
Global tourism exceeds 1.5 billion travelers announces UN-Tourism