Blackstone completes Travelport acquisition

The Blackstone Group completed its $4.3 billion acquisition of the Cendant Corp.'s Travelport enterprise, marking the equity firm's largest foray into the technology sector.

The sale was first announced on June 30.

Travelport encompasses two divisions, Orbitz Worldwide, which includes AoYou.com, Away Network, CheapTickets.com, eBookers.com, HotelClub.com, Needahotel.com, Octopus Travel, Orbitz.com, Ratestogo.com and Travelbag, and the Business Group, which comprises aiRes, Galileo, GTA (Gullivers Travel Associates), Neat Technology Solution, Orbitz for Business, Shepherd Systems, Thor, Travelbound, Travelport for Business, Trust International and WizCom.

Blackstone said it would sell 14% of the new Travelport to Technology Crossover Ventures (TCV).

"Clearly, the travel industry is driven by the winds of consumer demographics and rapidly growing new markets such as China and India," said Chip Schorr, Blackstone's senior managing director, in a statement. "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."

To contact the reporter who wrote this article, send e-mail to Michael Milligan at [email protected].

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