Cendant Acquires Trip Network

NEW YORK -- Cendant Corp., parent company of Avis and Budget, has acquired the common stock of Trip Network Inc. from an independent business trust. Terms were not disclosed.

Trip Network is the fourth largest online travel agency behind Expedia, Travelocity and Orbitz. Trip Network was established in March 2001 and began operating CheapTickets.com and Trip.com in October 2001 through licensing agreements with Cendant, following the company's acquisitions of Cheap Tickets and Galileo International, which owned Trip.com.

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