Holidaybreak acquires Hotelnet
- Added:
- Jul 17, 2000
The acquisition will be settled by an initial cash consideration of 1.3m, and a deferred payment of 500,000 in Holidaybreak shares in three years.
Under the terms of the acquisition, the Hotelnet will be merged into Holidaybreak's Superbreak division, which has its own internet booking system. Richard Knowles, founder of Hotelnet, will join Superbreak and will be responsible for further developing its e-commerce potential. This will include ensuring that other businesses, particularly within the retail trade, are able to interact with the site, either by click-through from their own sites or as an alternative to the current viewdata booking mechanism.
Shares in Holidaybreak were up by just over 1% to 285p on the news.