Travelport to float on London stock exchange


Travelport, owner of the Galileo and Worldspan GDSs, has announced its intention to offer  shares on the London Stock Exchange.


The initial public offering (IPO) is expected to raise £1.2 billion,  with the cash being used to reduce its indebtedness.


In a statement today Travelport said the Government of Singapore Investment Corporation (GIC) has invested $225 million in its parent company.


This will result in GIC owning a 7.19% shareholding in Travelport once the share offering is completed.


The IPO is being arranged by Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank and UBS and is expected to see that Travelport will be included in the FTSE Business Support Services sector.


Travelport also announced Dermot Gleeson had been appointed as non-executive chairman and Paul Manduca, Gary Kennedy and John Herlihy will join the Board as non-executive directors.


Travelport was bought by the private equity firm Blackstone Group from Cendant in August 2006 for £4.3 billion.

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