Travelport intends to sell a portion of its ownership interest in its Orbitz Worldwide businesses, comprised of Travelport’s business to consumer businesses, in an initial public offering. The size of the ownership interest to be sold and the amount of proceeds to be received from the disposition of Orbitz Worldwide are yet to be determined. A portion of the proceeds will be used by Travelport to reduce its outstanding indebtedness.
It is expected that a registration statement will be filed in the second quarter of 2007 with the Securities and Exchange Commission and that the transaction will be completed in the third quarter of 2007.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.
Travelport is one of the world’s largest travel conglomerates. It operates 20 leading brands including Galileo, a global distribution system (GDS); Orbitz, an on-line travel agent; and Gulliver’s Travel Associates, a wholesaler of travel content. The Company has 8,000 employees and operates in 130 countries. Travelport is a private company owned by The Blackstone Group of New York, Technology Crossover Ventures of Palo Alto, California and One Equity Partners of New York.
Travelport can give no assurances that the aforementioned initial public offering will be consummated. Prior to consummating the initial public offering, Travelport and Orbitz Worldwide will need to complete the negotiation of the financial and other terms, including the initial public offering price. In addition, consummation of the initial public offering is subject to market conditions and other factors.