An agreement was signed today by Travel Transaction Processing Corporation, newly formed by Citigroup Venture Capital Equity Partners L.P. and Teacherså’ Merchant Bank, to purchase Worldspan L.P. from its three airline owners. The transaction, scheduled to close in mid-2003, is subject to financing, governmental and regulatory approvals, and other customary conditions the satisfaction of which may not be guaranteed.
“This is a momentous day for Worldspan`s customers, suppliers, and employees,” said Paul J. Blackney
, president and chief executive officer of Worldspan. “Through our new relationship with Citigroup Venture Capital and Teachers’ Merchant Bank, Worldspan will continue to enjoy ownership that is committed to helping Worldspan increase growth prospects, continue in our relentless pursuit of excellence, and lead the travel technology industry in innovation.
“Worldspan recently completed fiscal year 2002, in which revenues and profits grew during a very difficult year for the travel industry overall,” Blackney said. “This performance is testimony to the effective business models Worldspan has created, our successful partnerships with a wide range of travel industry leaders, and the dedication and commitment of our gifted staff. Worldspan has invested many, many millions of dollars in its network, systems, people, and product developments over the past five years, providing the company and its customers with the broadest, most technologically advanced platforms and product line in the industry. Worldspan is well positioned for the future.”
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