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Featured Transaction

The Deal: Cendant Corp. has agreed to purchase Cheap Tickets Inc. for $425 million in cash. Cendant will combine Cheap Tickets with its own travel business to offer consumers travel packages. After news of the acquisition was announced, shares of Cheap Tickets gained $4.47 to $16.32, and Cendant shares rose 4 cents to close at $19.23.

Discussion: Cheap Tickets sells airline tickets primarily by phone and on the Internet with its cheaptickets.com site., as well as through its 10 retail outlets. Cheap Tickets buys nonpublished air fares through contracts with some 40 air carriers and sells them at a discount to the public. The company covers domestic and international air routes, offering more than 1 million non-published fares. It also sells published air fares and has contracts with cruise lines, hotels and car rental agencies to provide similar services.

Cendant is the world's top hotel franchisor with more than 6,400 locations under the AmeriHost Inn, Days Inn and Super 8 brands. Cendant owns Avis Group Holdings, which has 4,700 Avis car rental locations worldwide, and timeshare resorts such as Fairfield Communities and Resort Condominiums International. It is expanding its travel services further through the purchase of Galileo International. The company's Cendant Real Estate Franchise Group includes franchised brokerages such as Century 21 and Coldwell Banker. The company also provides mortgage services and corporate relocation and owns Jackson Hewitt.