ST. PAUL, MINN. (July 1, 2003)-Northwest Airlines Corporation (NASDAQ: NWAC) announced today that it has sold its interest in Worldspan L.P. to Travel Transaction Processing Corporation, a corporation formed by Citigroup Venture Capital Equity Partners L.P. and Teachers’ Merchant Bank of Canada to offer the Worldspan transaction.
Northwest received cash proceeds of approximately $280 million at the closing, plus additional credits for future services from Worldspan.
Delta Air Lines, Inc. (NYSE: DAL), Northwest Airlines and American Airlines (NYSE: AMR) announced on March 4, 2003 their intention to sell their interest in Worldspan.
Northwest Airlines is the world`s fourth largest airline with hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo, and Amsterdam, and approximately 1,500 daily departures. With its travel partners, Northwest serves nearly 750 cities in almost 120 countries on six continents.
Statements in this news release that are not purely historical facts, including statements regarding our beliefs, expectations, intentions or strategies for the future, may be “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, the future level of air travel demand, the Company’s future load factors and yields, the cost and availability of aviation insurance coverage and war risk coverage, the general economic condition of the United States, the expansion of low-fare carriers, the impact of cost reductions achieved by carriers in or near bankruptcy, the price and availability of jet fuel, the war with Iraq and its aftermath, concerns about Severe Acute Respiratory Syndrome, and the possibility of additional terrorist attacks or the fear of such attacks. Additional information with respect to the factors and events that could cause differences between forward-looking statements and future actual results is contained in the Company’s Securities and Exchange Commission filings, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2002. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.