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News and Information Article
NEW YORK, June 30 /-FirstCall/ -- Cendant Corporation (NYSE:
CD) today announced that it has entered into a definitive agreement to sell
Travelport, the Companys travel distribution services subsidiary, to an
affiliate of The Blackstone Group for approximately $4.3 billion in cash.
The completion of the transaction is subject to satisfaction of customary
conditions to closing, including the receipt of applicable regulatory
approvals, and is expected to close in August 2006.
The Company previously announced that proceeds from the sale of
Travelport would be primarily used to reduce the indebtedness allocated to
its Realogy and Wyndham subsidiaries. Following completion of the sale of
Travelport, debt levels for Realogy and Wyndham are expected to approximate
$750 million and $600 million, respectively.
Due to the additional disclosure required in the Registration
Statements on Form 10 for Realogy Corporation and Wyndham Worldwide
Corporation related to the use of proceeds from the Travelport sale,
Cendant now expects to simultaneously spin-off its Realogy and Wyndham
Worldwide subsidiaries in late July.
Cendant was advised by Citigroup, JPMorgan and Evercore and by the law
firm of Skadden, Arps, Slate, Meagher & Flom LLP.
About Travelport
Travelport is one of the worlds largest and most geographically
diverse travel companies. With a network of over 8,000 local travel
professionals working in more than 140 countries, Travelport delivers
greater choice, more content and cost savings to travelers, travel
professionals and travel suppliers every day. Travelport offers a wide
range of business and consumer services, from distribution technology and
travel packaging to retail sales and solutions. Travelport operates over 20
leading brands, including Orbitz, an online travel agency; Galileo, a
global distribution system (GDS); and GTA, a wholesaler of global travel
content.
About the Blackstone Group
The Blackstone Group, a global private investment and advisory firm,
was founded in 1985. The firm has raised a total of approximately $59
billion for alternative asset investing since its formation of which
roughly $27 billion has been for private equity investing. The Private
Equity Group has over 60 experienced professionals with broad sector
expertise. Blackstones other core businesses include Private Real Estate
Investing, Corporate Debt Investing, Hedge Funds, Mutual Fund Management,
Private Placement, Marketable Alternative Asset Management, and Investment
Banking Advisory Services. Further information is available at
http://www.blackstone.com.
About Cendant Corporation
Cendant Corporation is primarily a provider of travel and residential
real estate services. With approximately 85,000 employees, New York
City-based Cendant provides these services to businesses and consumers in
over 100 countries. More information about Cendant, its companies, brands
and current SEC filings may be obtained by visiting the Companys Web site
at http://www.cendant.com.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from
any future results, performance or achievements expressed or implied by
such forward-looking statements. Statements preceded by, followed by or
that otherwise include the words "believes," "expects," "anticipates,"
"intends," "projects," "estimates," "plans," "may increase," "may
fluctuate" and similar expressions or future or conditional verbs such as
"will," "should," "would," "may" and "could" are generally forward-looking
in nature and not historical facts. Any statements that refer to
expectations or other characterizations of future events, circumstances or
results are forward-looking statements. The Company cannot provide any
assurances that the separation or any of the proposed transactions related
thereto (including the proposed sale of the travel distribution services
division, Travelport) will be completed, nor can it give assurances as to
the terms on which such transactions will be consummated. The sale of
Travelport is subject to certain conditions precedent as described in the
Purchase Agreement relating to the sale. In addition, the other separation
transactions are subject to other conditions precedent, including final
approval by the Board of Directors of Cendant.
Various risks could cause future results to differ from those expressed
by the forward-looking statements included in this press release. You are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date stated, or if no date is stated, as of the
date of this press release. Important assumptions and other important
factors that could cause actual results to differ materially from those in
the forward looking statements are specified in Cendants Form 10-K for the
year ended December 31, 2005, Cendants Form 10-Q for the three months
ended March 31, 2006, Realogy Corporations Registration Statement on Form
10 and Wyndham Worldwides Registration Statement on Form 10, including
under headings such as "Forward-Looking Statements", "Risk Factors" and
"Managements Discussion and Analysis of Financial Condition and Results of
Operations." Except for the Companys ongoing obligations to disclose
material information under the federal securities laws, the Company
undertakes no obligation to release any revisions to any forward-looking
statements, to report events or to report the occurrence of unanticipated
events unless required by law.
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