USA Interactive Plans to Acquire Interval
Reuters
USA Interactive Inc., the slimmed-down successor to USA Networks, said it plans to buy travel services company Interval International Inc. for about $578million in stock and cash to help build its online travel packages business.
Miami-based Interval derives sales from fees paid by consumers and resort developers for vacation timeshares and other travel-related services. USA is buying Interval from Chicago-based private equity firm Willis, Stein & Partners and other investors.
USA Interactive shares rose 30 cents to $28.50 on Nasdaq.