Irish travel agency CNG Travel Group has acquired online reservation company PlacesToStay (PTS) for $12.5 million.
The deal is funded through an upfront payment of $12 million in cash, with a further deferred component of $500,000 to be paid following a transitional period of three months.
PTS has eight primary consumer websites, is available in seven different languages and has access to over 5,000 destinations in 140 countries worldwide.
CNG intends to vary its mix of business from a predominantly corporate travel business to having more exposure to the higher margin leisure sector. The company also hopes to improve PTS's margins.