British online travel firm Travelzest PLC is paying $51.5 million in cash and stock for Canada's Itravel2000.com.

Toronto-based Itravel2000.com is a privately owned Canadian travel agent whose sales are made through websites and a customer call centre in nearby Mississauga.

"Being part of the Travelzest group will increase Itravel2000's ability to offer Canadian travel consumers ever-expanding international and unique travel product lines and offers," Itravel2000 president Jonathan Carroll said Tuesday.

"This will allow our Itravel2000 dedicated team of travel professionals and myself to continue to drive value and service to the Canadian travel consumer."

Chris Mottershead, Travelzest's CEO, said part of Travelzest's strategy is to create a travel group that achieves profits throughout the year. Much of Itravel2000.com's business is generated in the winter when many Canadians like to travel abroad.

He said that will provide "counter-seasonal revenue and profit" to the predominantly summer-based revenues of Travelzest's businesses in Europe.

Related Links: Itravel2000, Travelzest