Travelport Worldwide Ltd is a UK-headquartered tech company listed on the NYSE with an annual turnover of over $2.3bn in 2016. Its travel commerce platform provides distribution, technology, payment and other solutions for the travel and tourism industry.
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Company
Travelport is headquartered in Langley, Berkshire. On September 25, 2014, the company completed an initial public offering on the New York Stock Exchange and trades under the symbol "TVPT".
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History
Travelport traces its origins back to 1971, but its most immediate predecessor, Travel Distribution Services (TDS), was founded in 2001 through the acquisition of Galileo International by TDS's parent, Cendant Corporation. Travelport was formed in August 2006, when Cendant sold Orbitz and Galileo to The Blackstone Group in a deal valued at $4.3 billion.
Shortly after the Blackstone-led buyout, in December 2006, Travelport struck a deal to buy one of its rivals, Worldspan, for $1.4 billion.
In May 2007 the company filed a registration statement with the U.S. Securities and Exchange Commission to sell a portion of Orbitz Worldwide in an initial public offering (IPO). The IPO was priced on July 20, 2007, opening at $15.00 per share, and closed on July 25, 2007. A month later, Travelport completed the Worldspan deal, integrating Worldspan with Galileo.
By combining operations with Worldspan and streamlining overlapping functions that Travelport had inherited from a string of more than 20 earlier mergers under Cendant, Travelport cut its overhead by $390 million in three years and doubled its cash flow.
On May 5, 2011, Travelport completed the $720m sale of its GTA (Gullivers Travel Associates) business to Kuoni.
References
External links
- Official website
Source of the article : Wikipedia
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