11 February 2010

Travelport float abandoned

Travelport has pulled its £2.16 billion flotation plans just before deadline because it believes the deal won’t work with the discounting that the City is demanding.

The parent company of Galileo and Worldspan and its private equity backer Blackstone were faced with a cut of the original £2.20-£2.90 share price range which it said it could not sustain.
 
Travelport’s chief executive Jeff Clarke said that since the original plan to float was made there had been increased uncertainty in the global equity markets.
 
The deal would have been the biggest IPO on the UK stock exchange for two years.
 
The news comes just days after the technology provider clinched a multi-year deal for Galileo to become the GDS supplier for Thomas Cook.
 
Travelport had planned to cut the company’s $4.1 billion borrowings with proceeds from the float.
 
By Dinah Hatch


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