Air Transport World

Travelocity, Preview Travel to merge.

Sabre Corp., which had been expected to spin off its online travel services division into a standalone company, announced that the unit will merge with Preview Travel, a rival site, in a deal that will create "the leading online travel service with a combined registered membership base of 17 million and more than $1 billion in projected 1999 travel sales." Under terms of the deal, Sabre will contribute the assets of Travelocity plus $50 million in cash and will own 70% of the new venture, which retains the name. Preview Travel stockholders will own the remaining 30% after exchanging their PT shares on a 1:1 basis for shares in Travelocity, which will trade as TVLY on the NASDAQ. …

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