Travelport starts IPO on New York Stock Exchange
Travelport has started an initial public offering of 30 million of its common shares.
The IPO will be priced at $14-$16 per share, valuing the company at $1.9 billion.
The company hopes to raise $480 million to repay debt and other liabilities.
The company has applied to list its common shares on the New York Stock Exchange under the symbol ‘TVPT’.
Travelport had planned to list in London in 2010 but aborted its plans blaming poor market conditions.
Blackstone and Technology Crossover Ventures (TCV) bought the company for $4.3 billion from conglomerate Cendant in 2006.
According to Reuters, Blackstone’s stake will fall from 9.5% to 7.2% after the IPO.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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