Worldspan has announced today the completion of Travel Transaction Processing Corporationå‘s (TTPC) acquisition of Worldspan. TTPC purchased Worldspan from its three airline owners, Delta Air Lines, Northwest Airlines and American Airlines.
TTCP was recently formed by Citigroup Venture Capital Equity Partners L.P. and Teachers’ Merchant Bank. The transaction was effective July 1, 2003 and was previously announced on March 4, 2003.
. As chairman, president and chief executive officer, Gangwal will guide global operations for Worldspan and serve on the company’s board of directors. Former Worldspan president and chief executive officer Paul J. Blackney will assume the role of special advisor to the company and serve on the company’s board of directors.
“Many opportunities and challenges face the travel distribution industry today and Worldspan and its employees are ready,” said Gangwal. “Worldspan is well recognised for its industry-leading technology and proven track record in revolutionising travel distribution. We will continue to deliver innovative products and superior service to all our customers.”
Gangwal stated that Worldspan will focus on global expansion through broader deployment of its proven technologies and travel distribution products to meet the demands of the rapidly evolving worldwide travel market. He added that Worldspan would also strengthen and enlarge the company’s portfolio of information technology and hosting services for airlines and other travel suppliers.
“Worldspan ushered the travel industry into the age of e-commerce,” Gangwal said, and further emphasised that, “Over the years Worldspan has remained a steadfast partner to the traditional travel agency community, and we will continue to provide groundbreaking solutions and innovations for our travel agents.”
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