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TRAVELPORT AFFIRMS PLACE AS ONE OF THE WORLD'S TOP TRAVEL BRANDS.
(Full text of a statement. Contact details follow below.)
PARSIPPANY, N.J., June 30 /PRNewswire-AsiaNet/ --
Affiliate of The Blackstone Group Signs Definitive Agreement to Acquire Cendant's Travelport Unit for Approximately $4.3 Billion
An announcement today by Cendant Corporation (NYSE: CD) that it has agreed to sell its travel distribution services subsidiary, Travelport, to an affiliate of The Blackstone Group, marked Travelport's prominence as one of the world's largest and most geographically dispersed competitors in the $6 trillion global travel industry.
"As a private company, Travelport will now have considerably greater financial latitude and firepower to take advantage of burgeoning opportunities in the travel market," said Jeff Clarke, Travelport's president and CEO. "Our unmatched global reach and local expertise, together with our strong management team and unique portfolio of assets, is a great combination for future success in the flourishing travel space."
"I believe Travelport is poised to become the most relevant global brand in the travel industry," said Gordon Bethune, Travelport's Chairman. "Whether you're a traveler, travel professional or travel supplier, Travelport will offer more ways for its customers to create and enjoy exceptional travel experiences."
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Source: HighBeam Research, TRAVELPORT AFFIRMS PLACE AS ONE OF THE WORLD'S TOP TRAVEL BRANDS.