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Travelport plans Orbitz Worldwide IPO
Thursday, 14 Mar, 2007
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Galileo-owner Travelport is to sell an undisclosed part of its business to consumer arm which trades under the Orbitz Worldwide umbrella.
It is to offload a portion of its ownership in the Orbitz Worldwide businesses in an initial public offering to reduce debts.
The deal is expected to be completed in the third quarter of the year.
“The size of the ownership interest to be sold and the amount of proceeds to be received from the disposition of Orbitz Worldwide are yet to be determined,” the US company said.
“A portion of the proceeds will be used by Travelport to reduce its outstanding indebtedness,” the Blackstone Group-owned company added.
by Phil Davies
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