Travelocity Europe To Buy Travelchannel

Travelocity said Travelocity Europe, its joint venture with Otto Freizeit und Touristik (OFT), agreed to purchase Travelchannel Ltd., a firm that operates a German online travel site, Travelchannel.de, says Travel Weekly. Michelle Peluso, president and CEO of Travelocity, said the company´s expansion in Europe is a "high priority for us and the acquisition of Travelchannel.de will play a key role in accelerating our growth in Germany and beyond."

Travelchannel, headquartered in Hamburg, Germany, was founded by print and publishing house Gruner + Jahr in 1999. In 2000, OFT purchased a 50% stake in the company and purchased the remaining shares last year. The company will now operate under the Travelocity Europe umbrella.