Universal Travel Group to Acquire 4 Travel Agencies
PRNewswire-Asia, 5/04/10
Chinese online and offline travel services provider Universal Travel Group (NYSE: UTA) has announced that the company has entered into letters of intent to acquire four travel agency businesses in China -- Tianjin Hongxun Aviation Agency, Shanxi Jinyang Travel Agency, Kunming Business Travel Agency, and Shandong Century Aviation Development -- for a total purchase consideration of USD 19.5 mln. The combined unaudited 2009 revenue and net income for the four travel agencies were USD 23.0 mln and USD 3.0 mln, respectively.
Keywords: Internet travel Universal Travel Group UTA M&A
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