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USA Interactive to buy Interval for $578 million

In a deal valued at $578 million, USA Interactive has agreed to purchase Interval International, a Miami-based company that operates a timeshare exchange network. Interval is expected to acquire Interval Acquisition Corp., a holding company, with 50% cash and 50% of USA common stock. The deal is expected to close in the third quarter.

New York-based USA Interactive — an electronic retailing company that holds controlling interests in Ticketmaster, Expedia Inc. and — is expected to keep Interval International’s management team to run the timeshare company. USA estimates that Interval’s revenues for 2003 will total about $220 million.

Interval’s International’s Quality Vacation Exchange Network provides its 1.2 million owners the option to purchase access to its network of1,900 resorts. Interval derives revenues from the fees paid by its customers for membership, exchange, reservation services and other travel-related products.

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