Fexco completes purchase of CNG

Fexco has completed the purchase of one of the divisions of Kenmare based travel company CNG. The company has confirmed that it will take over the Leisure Division of CNG. The deal is valued at two and a half million US dollars, with a further performance based payment of 1.1 million dollars to be paid over the next 3 years.Last June, CNG announced that following a strategic review of it’s business, it would exist it’s B2C leisure market and would seek a buyer for the division.It includes hotel booking web sites, as well as technology support, and private rate hotel inventory to affiliate partners such as airline web sites and other online portals. As part of the deal, Fexco will be taking on 48 former CNG staff.Fexco Director Stewart Stephens said that the purchase will add greatly to the companies existing online travel division and will give enormous scope for growth. The majority of the 48 staff are employed in Kenmare.