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CENDANT TO SELL TRAVELPORT TO BLACKSTONE GROUP AFFILIATE.
(Full text of a statement. Contact details follow below.)
NEW YORK, June 30 /PRNewswire-AsiaNet/ --
Cendant Corporation (NYSE: CD) today announced that it has entered into a definitive agreement to sell Travelport, the Company's travel distribution services subsidiary, to an affiliate of The Blackstone Group for approximately $4.3 billion in cash. The completion of the transaction is subject to satisfaction of customary conditions to closing, including the receipt of applicable regulatory approvals, and is expected to close in August 2006.
The Company previously announced that proceeds from the sale of Travelport would be primarily used to reduce the indebtedness allocated to its Realogy and Wyndham subsidiaries. Following completion of the sale of Travelport, debt levels for Realogy and Wyndham are expected to approximate $750 million and $600 million, respectively.
Due to the additional disclosure required in the Registration Statements on Form 10 for Realogy Corporation and Wyndham Worldwide Corporation related to the use of proceeds from the Travelport sale, Cendant now expects to simultaneously spin-off its Realogy and Wyndham Worldwide subsidiaries in late July.
Cendant was advised by Citigroup, JPMorgan and Evercore and by the law firm of Skadden, Arps, Slate, Meagher & Flom LLP.
About Travelport
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Source: HighBeam Research, CENDANT TO SELL TRAVELPORT TO BLACKSTONE GROUP AFFILIATE.