CNG pays $12.5m for Places ToStay

Online travel and technology business CNG Travel Group has completed the acquisition of the business and assets of PlacesToStay (PTS), the PlacesToStay brand and more than 140 Uniform Resource Locators (URLs), for $12.5m (€10.1m).

The acquisition was funded through an upfront payment of $12m (€9.7m), with a further deferred component of $500,000 (€404,000) to be paid following a transitional period of three months. The effective date of the acquisition is August 1, 2004.