Cendant to Sell Travelport Division
JUNE 9, 2006. Cendant has stated that it is pursuing an alternative plan to sell Travelport, rather than spin it off, making a sale of Travelport the more likely alternative.
According to reports, buyout firms Bain Capital, Texas Pacific Group and Apollo Management are bidding for the division in what could be a $4.5 billion transaction.
Travelport includes Orbitz, Galileo, CheapTickets, eBookers, Gullivers Travel Associates.
If it is acquired, the company expects the net proceeds fund to go to Realogy and Wyndham Worldwide, which would repay Cendant's corporate debt.
After the spin-offs of Realogy and Wyndham Worldwide, which are now expected to occur simultaneously in mid-July, and upon the sale or spin-off of Travelport, Cendant will be a separate publicly held company and will operate its Avis and Budget vehicle rental operations as Avis Budget Group, Inc.
Cendant first announced its plans to spin off Travelport into a public company in October.
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