Preview Travel Gets Taste for Adventure
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The stock swap agreement calls for Preview Travel to exchange 200,000 shares of its common stock, presently valued at about $5 million, for all of Adventure Media's outstanding stock. The deal is contingent upon approval by the respective companies' directors and stockholders.
Boston-based Adventure Media supplies online information and reservations for cruises, resorts, and active vacations. Its Travelon.com site provides global tours from 250 companies such as Royal Caribbean Cruise Lines, Carnival Cruise Lines, and Delta Dream Vacations.
"In Q1 '98, vacation packages, car rentals and hotels represented approximately 20% of our total gross bookings of $35.9 million," said Ken Orton, president and CEO of Preview Travel. "This acquisition is expected to increase our availability of resort vacations, cruises and active vacations."