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Cendant receives interest in TDS
Cendant’s Travel Distribution Services division – to be re-named Travelport – could be sold rather than spun off as a separate unit.
Cendant Corp confirmed it has received unsolicited interest in the division – which includes Galileo, Gullivers Travel Associates and Orbitz.
Financial advisors have been hired for a potential sale which could net Cendant more than $4 billion.
Cendant originally planned to spin-off TDS by October as part of a plan to split its various businesses up.
But the group is now considering a sale of TDS because a transaction is not expected to result in a large tax liability.
Cendant chairman and CEO Henry Silverman said: “As a result of receiving a number of unsolicited indications of interest to acquire TDS, the company has decided to further explore other strategic alternatives for that business.
“The company’s decision to consider a sale in addition to purusing a spin-off is due, in part, to the fact that a sale of TDS is not expected to result in a material tax liability, as would a sale of Cendant’s other divisions.”
Report by Phil Davies
Phil Davies
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