The sale was approved by the Florida bankruptcy court on May 16 and is expected to close by May 31.

The deal will bring $350 million in annual sales to Carlson Travel Network Associates Inc., which has more than 1,100 locations in Carlson Wagonlit Travel Associates and Results Travel. Those locations generate an estimated $3.9 billion in annual sales.

Carlson Leisure Group will acquire ByeByeNow.com's full franchise portfolio, consisting of 194 agencies in Cruise Holidays International -- a brand that will be retained -- plus 34 in First Discount Travel and 27 in Travel Professionals International. Overall, 94 of those are branded as ByeByeNow.

The deal excludes the firm's video and technology assets.

Carlson Leisure Group president Michael Batt is arranging a series of town hall meetings to enable franchisees to meet the new management team.

He added that plans are under way to further grow the Cruise Holidays International brand, saying it is "already a potent force with an established brand, a devoted clientele and professional franchisees who believe in the power of its name."

He added that the acquisition brings Carlson closer to its goal of becoming the undisputed leader in cruise sales.

Carlson's executive vice president Roger Block said, "We hope that the newest members of our Carlson family will view this as mutually beneficial," saying Carlson plans to "build a Cruise Holidays infrastructure that delivers against their expectations."

"We are also proud to provide some outstanding agencies with the support, strength and stability of Carlson," added Block, who said the company is "thrilled with the deal."

"The relationship between all three groups and Carlson will allow them to grow and prosper because of our industry knowledge, experience in travel franchising and position in the marketplace," he said.

Peter Kowal, president of Cruise Holidays International, was pleased with the outcome of the sale. "I believe that we have found the best possible home for all of our franchisees. We're glad it's Carlson that's giving our company a new beginning," he said.

"This acquisition truly creates a win-win situation for everyone involved," Kowal added. "First Discount Travel and Travel Professionals International will immediately have a broader range of supplier relationships and be welcomed into the Carlson network."

He continued that "Cruise Holidays offers a 16-year history as the largest cruise-only franchise system in North America, while Carlson is a long-term and leading travel franchiser with skills and resources that will enhance our ability to grow and prosper."

Joe Petkunas, co-owner of $5 million Cruise Holidays at the Stateline in Seekonk, Mass., who has been a Cruise Holidays franchisee for 10 years, agreed, saying, "It's been a rough year and a half for the Cruise Holidays people.

I and my fellow franchisees have been looking for a more stable franchise environment and we're sure that Carlson will give it to us."

He explained that for a year and a half Cruise Holidays was in limbo with ByeByeNow because the franchisees became solely responsible for maintaining the brand awareness in their local markets. "I feel pretty good about the deal."

Skip Eliason, co-owner of $3 million Cruise Holidays of Virginia Beach, in Va., who has been a franchise owner since 1993, said, "I think the association is going to give us a little more credibility because Carlson is intending to build the Cruise Holidays brand. Plus they have the money in their pockets to do the things that need to be done."

But at least one franchisee is in the "wait-and-see" mode. Jody Barnett, co-owner of $1 million ByeByeNow.com Travel in Bentonville, Ark., said, "We're a little unsure about the deal because we haven't had any contact with Carlson yet." She noted that ByeByeNow "had a good technology platform. I will have to see what Carlson presents to us franchisees before I determine how I feel about them."

Carlson executives said they will be talking to ByeByeNow's franchising staff in Florida with the possibility of bringing some of them onboard.