Ebookers buys its parent for $15m
Boo founders write book on how to burn £180m
Online flight booking site Ebookers.com, yesterday bought its offline parent company, Flightbookers for $15 million. The offline company was 100 per cent owned by Mr and Mrs Dhamija. Mr Dhamija also owns 55 per cent of Ebookers.com.
Ebookers was valued at $510 million at its share height. Yesterday it was worth $100 million. The combined company expects sales of $160 million for the current year.
The deal gives Ebookers access to Flightbookers' off-line database of 220,000 customers.
The founders of Boo.com are going to write an account of how they burned £180 million in little more than a year while launching and collapsing the high profile internet startup.
Ernst Malmsten and Kajsa will be paid a fee of between £50,000 - £80,000 to tell their story.
Online auctioneer QXL.com led the slide in UK internet stocks yesterday with a fall of 35 per cent.
It is now worth £152 million, only 5 per cent of the value it reached at its peak in March.
BagsofTime.com, a company that delivers goods to online shoppers, is seeking a merger with a rival group to secure its future. It has funds for a few weeks and need £3 million to keep going.
Nasdaq's slide yesterday had a knock on effect on London share prices. Since the start of September the US index, considered the "canary" of technology stocks, has lost a fifth of its value. The FTSE 100 index in London slipped 138 points yesterday before settling at 6264.8. ®
For more financial finagling visit Cash Register.