New York, NY 04-24-2002—Cendant Corporation (NYSE: CD) announced today that its wholly owned subsidiary, Galileo International, has executed a definitive agreement to acquire Sigma, its distribution partner In Italy, from Alitalia S.p.A. for approximately US$90 million. The transaction is expected to close in the second quarter of 2002, subject to customary closing conditions, including regulatory approvals.
Sigma is the exclusive distributor of Galileo services and products throughout Italy and has developed a range of solutions for the travel industry, including providing reservation services for Italian rail, ferry and tour operator companies. Sigma will become a wholly owned subsidiary of Galileo International, which was acquired by Cendant in October, 2001.
Mark Miller, President and CEO of Galileo International, said, “The Italian travel industry is one of the largest in Europe and, through our long association with Alitalia, has become one of Galileo`s most successful regions with respect to travel distribution. In acquiring Sigma we are reaffirming our commitment to long term and sustainable growth for our operations within the European continent.”
Gordon Wilson, Executive Vice-President and Managing Director for Galileo`s Europe, Middle East and Africa region, added, “Through this acquisition, Italy will join a number of key regions in Europe where Galileo has vertically integrated with its in-country distributor partner, such as the United Kingdom, Switzerland, the Netherlands and Portugal. Our strategic intent is to enhance our speed to market, customer care and product innovation by operating seamlessly across Galileo and Sigma for the benefit of our customer base in Italy. The integration of the Sigma companies and the talented people within these organisations will provide Galileo with a platform for further growth in Italy, as well as neighboring areas.”
About Cendant Corporation Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 70,000 employees, New York City based Cendant provides these services to businesses and consumers in over 100 countries. More information about Cendant, its companies, brands and current SEC filings may be obtained by visiting the Company’s Web site at www.Cendant.com or calling 877-4INFO-CD (877-446-3623).
About Galileo Galileo International is a global technology leader. Its core business is providing electronic global distribution services for the travel industry through its computerized reservation systems, leading-edge products and innovative Internet-based solutions. Galileo is a value-added distributor of travel inventory dedicated to supporting its travel supplier, agency and corporate customers and, through them, expanding traveller choice. A subsidiary of Cendant Corporation, Galileo is headquartered in Parsippany, New Jersey, U.S.A., and has offices worldwide. Visit www.galileo.com