Travelport in $1.7bn flotation plan

 

 

Travelport plans to raise almost $2 billion through a listing on the London Stock Exchange.

 

The Galileo/Worldspan parent, which achieved earnings of more than $700 million in 2008, aims to complete the flotation in the first quarter of the year.

 

Alongside the planning initial public offering to raise $1.775 billion, the company has attracted $225 million in investment from the Government of Singapore Investment Corporation (GIC) in return for a 7.19% shareholding.

 

Travelport CEO Jeff Clarke said: "Flotation marks an important step in our future development.

 

"Listing in London is the natural choice given Travelport’s corporate headquarters in Ireland and its GDS and GTA operational business headquarters in the UK; it connects Travelport with one of the world’s most international and prestigious exchanges, ranking it alongside other notable global companies in their sectors.

 

"New investors will be able to share in our future and we are delighted by the support GIC has already shown by committing in December to make a significant investment."

 

Google vice president for global advertiser operations John Herlihy is among five new non-executive directors appointed to the Travelport board.

 

by Phil Davies