Lastminute snaps up £9m flight firm

NEWS Shares in lastminute.com jumped this morning after the online travel agent announced it first major UK acquisition. Lastminute said it is buying Travelselect.com - an online flight provider - for £9m. It will issue 14.5 million new shares to finance the deal. The company said the transaction will bring immediate benefits to its cost base and gross profit. The deal opens up 39 new airline relationships to lastminute.com. This is expected to create a £50m revenue stream for the company in the UK while tripling the number of flights it offers. Shares went up over six per cent to 63.75p on the news