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Affiliate of Blackstone Group Completes Acquisition of Cendant's Travelport Subsidiary

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4.3 Billion Transaction Represents PE Firm's Largest Equity Investment in the Technology Sector

PARSIPPANY, N.J., and NEW YORK, Aug. 23 / -- The completion of the sale of Cendant Corporation's (NYSE:CD) Travelport business today to an affiliate of The Blackstone Group for $4.3 billion in cash, subject to closing adjustments, represents the leading private equity firm's largest equity investment in the technology sector to date. Blackstone has agreed to sell 14% of the new entity to Technology Crossover Ventures (TCV) on completion. First announced on June 30, 2006, the sale of Travelport to Blackstone has taken less than 60 days to close, making it one of the fastest closing M&A transactions of its size and scope ever. "Exciting opportunities are on the horizon for Travelport, as we continue to leverage our unique portfolio of assets-from the highest quality products and services to our dedicated people and diverse geographic mix," said Travelport's CEO and President, Jeff Clarke. "As an independent company, we are fully committed to offering our business-to-business customers and consumers exceptional travel experiences. We look forward to growing and strengthening our leadership position in the travel industry, while building on our culture of excellence and taking the company to the next level of profitable growth." "Clearly, the travel industry is driven by the winds of consumer demographics and rapidly growing new markets such as China and India," said Blackstone's Senior Managing Director, Chip Schorr. "In this context, we expect Travelport's widely recognized brands, global reach, local expertise, and world-class management team will continue to bolster our view of Travelport as the most relevant company in the travel space." About The Blackstone Group The Blackstone Group, a global private investment and advisory firm, was founded in 1985. The firm has raised a total of more then $63 billion for alternative asset investing since its formation of which approximately $30 billion has been for private equity investing. The Private Equity Group is currently investing its fifth general private equity fund with commitments of $15.6 billion, and has over 60 experienced professionals with broad sector expertise. Blackstone's other core businesses include Private Real Estate Investing, Corporate Debt Investing, Hedge Funds, Mutual Fund Management, Private Placement, Marketable Alternative Asset Management, and Investment Banking Advisory Services. Further information is available at http://www.blackstone.com/. About Travelport Travelport, one of the world's largest and most geographically diverse travel companies, is dedicated to creating the exceptional travel experiences the world demands. Across more than 130 countries and through a network of over 8,000 local travel professionals, Travelport delivers greater choice, tremendous travel content and cost savings to travelers, travel professionals and travel suppliers every day. Travelport offers a wide range of business and consumer services, from distribution technology and travel packaging to retail sales and solutions. Travelport operates over 20 leading brands, including Orbitz, an online travel agency; Galileo, a global distribution system (GDS); and GTA, a wholesaler of global travel content.

 Printable Version  | published Aug 24, 2006