Worldspan in new hands, but Blackney stays on
The sale of Worldspan by its airline owners to the Travel Transaction Processing Corporation (TTPC) has been completed.
The transaction sees Delta Air Lines, Northwest Airlines and American Airlines split the $1 billion revenue between them according to the 40%, 34%, and 26% stakes they respectively held in the GDS.
TTPC is a company newly formed by Citigroup Venture Capital Equity Partners L.P. and Teachers’ Merchant Bank. The new chairman, president and chief executive officer of Worldspan is Rakesh Gangwal. Former Worldspan president and chief executive officer Paul Blackney assumes the role of special advisor, and will serve on the board of directors.
In a statement Mr Gangwal said: “Worldspan will focus on global expansion through broader deployment of its proven technologies and travel distribution products to meet the demands of the rapidly evolving worldwide travel market.
“Over the years Worldspan has remained a steadfast partner to the traditional travel agency community, and we will continue to provide groundbreaking solutions and innovations for our travel agents.”
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