FORT WORTH, Texas -- Travelocity.com and Preview Travel closed on their
merger and said the integration of their Web sites into the "new"
Travelocity.com is under way and will be completed this summer.
The combination of Travelocity and Preview, both of which
launched four years ago, creates a Web travel juggernaut, with 1999
combined sales of $1.2 billion and a place among the largest travel
agencies, on line or off.
"Preview Travel has helped to define an industry since launching
on line in May of 1996. The new Travelocity.com is now the clear
leader in the Internet travel market," said Preview's founder and
chairman, James Hornthal, who will now be vice chairman of
Travelocity.
Hornthal and Christopher Clouser, formerly Preview's president
and chief executive officer and now a strategic advisor to the new
Travelocity.com, posted a letter on the Previewtravel.com
site, saying, "We would like to thank the customers, employees and
shareholders who have supported Preview Travel over the years."
The merger was announced last October and was wrapped up on
March 7 when Preview stockholders voted 70% of the company's
outstanding shares in favor of it. Preview shares, which traded on
Nasdaq under the PTVL symbol, converted one-for-one into the new
Travelocity.com.
Travelocity.com went from being wholly owned by Sabre to being
70% owned by the CRS company and 30% publicly owned, with its
shares trading on Nasdaq as TVLY. On the first day of trading
Thursday Travelocity.com ranged between $39.125 and $51.875 per
share.
Travelocity.com and Preview Travel sites will remain fully
operational until the integration is completed so that members can
book on both sites during the process.
Preview told its members, "When we do switch to a new site,
we'll ensure a smooth transition of all your account information
and travel plans."
Travelocity.com recently added a set of new travel tools,
including Dream Maps that enable members to specify what they want
to spend for air fare and then view a U.S. map that shows where
they can travel for that amount.
Additionally, vacation and cruise content from Preview is now
available in the Travelocity.com Vacations center.
Terrell Jones, president and chief executive officer for
Travelocity.com said, "This is only the beginning as we
aggressively move to fulfill our vision. Many more improvements
will be made throughout the year as we fully integrate the two
sites."
The new company is headquartered here, as the old
Travelocity.com was, and will have offices in San Francisco, which
was Preview's headquarters, and in New York, and customer service
centers in San Antonio and San Francisco and Sacramento, Calif.