Ireland's CNG To Complete Tzell Acquisition Amid IPO

New York-based Tzell Travel Group today said it was fully acquired by Ireland's CNG Travel Group ahead of an initial public offering this Friday on the London Stock Exchange under the symbol CTV. The offering values the company at approximately $115 million. CNG previously owned 80 percent of Tzell.

The agreement calls for Barry Liben to take on CNG's North America travel operations and remain president and CEO of the Tzell Travel Group--one of the nation's largest corporate agencies. Tzell executives Jerry Behrens and David Buda will remain senior vice presidents. All three own stake in the combined company.

"We are pleased that one of the world's fastest growing travel technology companies has chosen to partner with us, as it is the logical next step for Tzell's continued success," Liben stated. "We have worked for many years to create a superior organization and believe with CNG's unique hotel booking program, Travel Lodging Connector, we will experience further market penetration in the continually consolidating travel industry." CNG's core business is to provide hotel reservations software to travel agencies and their clients.