OTHER NEWS - Dec. 18, 1991
From Times Staff and Wire Reports
American Express May Buy Travel Giant: American Express Co., already a travel industry powerhouse, is seeking to bolster its market strength by purchasing the nation’s fifth-largest travel agency, an industry source said. New York-based American Express and Lifeco Travel Services Corp. may strike a $100-million deal involving cash and debt as early as the end of this week, the source said. American Express’ Travel Related Services Co. is the biggest travel agency in the country, with $5 billion in sales. Lifeco sold $1.2 billion worth of airline tickets in 1990.
