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AmEx buys Travel One
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October 13, 1998: 11:55 a.m. ET
Acquisition of ninth-largest travel agency increases focus on corporate clients
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NEW YORK (CNNfn) - American Express, the nation's largest travel agency, agreed Tuesday to buy privately held Travel One. The move is designed to beef up AmEx's corporate travel services in the Mid-Atlantic and Midwest regions.
Financial terms of the deal were not disclosed.
Once the acquisition is complete, Travel One, the ninth-largest travel agency in the country, will become a unit of American Express Corporate Services. Travel One's headquarters will remain in Mt. Laurel, N.J.
"Travel One has been a strong regional travel management provider, with excellent client relationships, and we are very excited about the contribution the company will make to our network," said AmEx Corporate Services President Ed Gilligan
American Express Corporate Services caters to mid-and large-size companies, helping them manage their business travel and purchasing expenses. It also offers travel-agency services.
The parent company, American Express, posted global travel sales of $17.4 billion last year.
Travel One has 1,400 employees and more than 650 wholly-owned ticketing locations. Its sales for the first two quarters of 1998 totaled $511 million.
Shares of American Express (AXP) were up 1-1/8 Tuesday afternoon at 80-7/8 on the New York Stock Exchange. 
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American Express
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