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Travelocity's European Joint Venture Acquires German Online
Travel Site travelchannel.de
Travelocity Europe's Position in Germany to Greatly Expand
SOUTHLAKE, Texas, April 1 /PRNewswire/ -- Travelocity(R) today announced that
Travelocity Europe, its joint venture with Otto Freizeit und Touristik (OFT),
will acquire travelchannel.de ( http://www.travelchannel.de/ ), a leading German
online travel site, subject to the approval of European regulatory authorities.
With the acquisition, Travelocity Europe broadens its distribution in Germany
while simultaneously expanding its overall position in Europe. Financial terms
of the deal were not disclosed.
"Travelocity's expansion in Europe is a high priority for us and the acquisition
of travelchannel.de will play a key role in accelerating our growth in Germany
and beyond," said Michelle Peluso, president and CEO, Travelocity. "They have a
strong team, and we look forward to having them join Travelocity Europe."
"Travelchannel.de is one of the most successful German travel portals," said
Dirk Hauke, CEO of Travelocity Europe. "We have a tremendous opportunity to
make use of its significant synergies and benefit from the strength of each of
the companies in order to enlarge our range of products and service.
Travelchannel.de expands the spectrum of Travelocity Europe not only with its
extensive range of all-inclusive tours, but also with its large editorial
content, which will help our customers to plan and book their journeys."
Travelchannel Ltd, headquartered in Hamburg, was founded by the print and
publishing house Gruner + Jahr in 1999. In 2000, OFT purchased a 50 percent
stake in the company and purchased the remaining shares in 2003. The company
will now exist under the Travelocity Europe umbrella.
About Travelocity
Travelocity(R), with 41 million registered users, booked nearly $4 billion of
travel in 2003. Every day Travelocity negotiates thousands of great travel
deals with the world's most reputable airlines, hotels, car rental companies,
cruise lines, ground transportation providers, and popular destination
attractions such as theme parks, ski resorts and theaters. Additionally,
Travelocity offers access to special rates for weekend getaways and dynamic
packages through its Last Minute Deals and TotalTrip(SM) shopping engines, and
provides customer service support over the phone 24 hours a day. Travelocity's
industry-leading technology and wealth of straight-talking, honest information
allows travelers to make informed decisions and have more rewarding travel
experiences. Through Travelocity Business(SM), companies can better manage
business travel, lowering costs and expanding options for travelers, while the
Travelocity Partner Network(SM) further distributes Travelocity's products
through an array of channels.
Based in Southlake, Texas, Travelocity also powers international travel Web
sites in seven languages and has been recognized worldwide for its consumer
advocacy and global leadership in online travel. More information about
Travelocity is available at http://www.travelocity.com/ . Travelocity is owned
by Sabre Holdings Corporation (NYSE:TSG), a world leader in travel commerce.
More information about Sabre Holdings is available at
http://www.sabre-holdings.com/ .
About Otto Freizeit und Touristik:
The holding company Otto Freizeit und Touristik GmbH (OFT) includes all
tourism-related subsidiaries of the Otto Group. With its combination of retail
stores, call center, direct marketing and online presence, OFT is one of the
leaders in multi-channel travel distribution.
OFT forms part of the Otto Group, which is operating through some 90 trading
companies in 21 countries in Europe, America and Asia. In addition, the group
is involved in numerous trade-related service activities. In the financial year
2002, more than 65,000 employees achieved a turnover of 19.2 billion EUR.
Today, Otto is the largest mail order group in the world. The Otto Group is the
world's number two in online trade, second only to Amazon. Global corporate
activities and a variety of strategic partnerships and joint ventures provide
Otto with excellent opportunities to transfer know- how and to use the synergy
potential available.
Statements in this release which are not purely historical facts, including
statements about the potential benefits to Travelocity Europe of the acquisition
described herein or other statements about anticipations, beliefs, expectations,
hopes, intentions or strategies for the future, may be forward- looking
statements within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended. Readers are cautioned not to place undue
reliance on forward-looking statements. All forward-looking statements are
based upon information available to Sabre Holdings Corporation on the date this
release was issued. Sabre Holdings Corporation undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. Any forward-looking statements
involve risks and uncertainties that could cause actual events or results to
differ materially from the events or results described in the forward-looking
statements, including risks or uncertainties related to: Sabre Holdings
Corporation's revenues being highly dependent on the travel and transportation
industries; geopolitical developments; and the integration of the acquired
company. Sabre Holdings Corporation may not succeed in addressing these and
other risks. Further information regarding factors that could affect our
financial and other results can be found in the risk factors section of Sabre
Holdings Corporation's most recent filing on Form 10-K with the United States
Securities and Exchange Commission.
CONTACT:
Judy Haveson ()
212/554-7425
Mary Kate Smither ()
972/488-4790
http://www.newscom.com/cgi-bin/prnh/20040325/DATH004LOGO-a
http://www.newscom.com/cgi-bin/prnh/20040325/DATH004LOGO-b
http://photoarchive.ap.org/
DATASOURCE: Travelocity
CONTACT: Judy Haveson, +1-212-554-7425, or , or Mary
Kate Smither, +1-972-488-4790, or , both for
Travelocity
Web site: http://www.travelocity.com/
http://www.travelchannel.de/
http://www.sabre-holdings.com/