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Ambassadors Group buys BookRags for $18 million

By Associated Press
May 21, 2008 | Comments (0)

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Ambassadors Group Inc., which organizes educational travel programs, said Wednesday it paid $18 million for educational Web site operator BookRags Inc., $5 million of which is based on future profits.

Ambassadors anticipates the deal will be accretive in the first year following the purchase.

BookRags' site, http://www.bookrags.com, provides educational information such as book summaries and study guides.

"BookRags' track record of growth and profitability make it an attractive asset," Ambassadors Group Chief Financial Officer Chadwick Byrd said in a statement.

Ambassadors Group shares rose 34 cents to $18.65 in after-hours trading, after finishing regular trading down 54 cents at $18.31.

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