Aer Lingus will receive €11.1 million for its share of the Timas Ireland, the airline reservation company that has been sold to Galileo International.

The State airline owned 74 per cent of the company, which is understood to have fetched €15 million. The remaining 26 per cent was held by a co-operative of Irish travel agents, who are expected to receive some €15,000 each for their shareholdings.

Timas Ireland was a distribution partner of Galileo International, which is owned by the US group Cendant Corporation.

An employer of 60 people, who will transfer to the new owner, the company operates a computer reservation system used by airlines, tour operators and travel agents.

The system facilitates the co-ordination of ticket sales for connecting flights operated by separate airlines throughout the world. Timas Ireland claims to be the market leader in the Republic.

Its general manager, Mr Shay Mitchell, said the purchaser would supplement the firm with new services and technologies.

It is thought that the company had been on the market for some time, as Aer Lingus had been engaged in the disposal of non-core assets even before the attacks a year ago on the US that prompted a risk of bankruptcy.

Timas's annual post-tax profits are understood to be in the region of €2 million.

Discussions with a management consortium on the sale of the airline's Spain-based charter company, Futura, are expected to conclude in the next six weeks.

In June, the airline sold a ticketing reconciliation business, Aviation Services Ireland, to a management group.