Published Date:
27 December 2006
TRAVEL and tour operator First Choice today snapped up online hotel booking site Laterooms.com for an initial £108 million from private equity firm ECI Partners.
But First Choice, which is a takeover target by rival MyTravel, could end up paying another £12m over the next three years depending on its performance.
Laterooms booked £1.1 billion worth of hotel accommodation in 2004 - a figure which is expected to increase 21 per cent year on year to £3.4bn by 2008.
Peter Long, chief executive at First Choice, said: "Operating in a high growth sector, we see considerable opportunity to increase Laterooms' future profitability even further."
The full article contains 118 words and appears in Edinburgh Evening News newspaper.
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Last Updated:
27 December 2006 11:50 AM
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Source:
Edinburgh Evening News
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Location:
Edinburgh
