The owner of the Avis rental car franchise Cendant is to buy reservations systems supplier Galileo International for $2.9 billion, expanding its travel service units.
New York-based Cendant said it is offering $33 a share for Galileo and will assume about $600 million of Galileo debt.
Cendant said the deal, which will likely close this autumn, will probably add 10 to 14 cents a share to its 2002 earnings.
