Travelport IPO seeks to cut debt
By Daisy Ku |
January 20, 2010, Wednesday
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Print Edition
Print Edition
NEW York-based travel service company Travelport launched a US$2 billion initial public offering yesterday to cut debt, in a sign that appetite for such large share sales may be picking up.
The deal, which values the company at US$3 billion, paves the way for an eventual exit of private equity house Blackstone, after it bought a majority stake in 2006.
Travelport, which does wholesale hotel bookings and other travel services, aims to sell US$1.78 billion of new shares to institutional investors in an IPO on the London Stock Exchange.
Separately, the Government of Singapore Investment Corp - Singapore's sovereign wealth fund - has agreed to buy US$225 million worth of new shares at the same time as the IPO, agreeing to a lock-up of 180 days.
GIC will then hold 7.19 percent in the group after the capital hike, Travelport said.
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