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Travelport Worldwide Ltd is a UK headquartered travel technology company with an annual turnover of over $2.5bn in 2018.

Travelport
Private
IndustryTravel technology
Founded2001 (United States)
HeadquartersLangley, Berkshire,
UK
Key people
Greg Webb, Board Chief and CEO;
John Swainson, Executive Chairman - Board of Directors;
Bernard Bot, CFO;
Stephen Shurrock, CCO
RevenueUS$ 2.5 billion in 2018
Number of employees
Approximately 3,700
SubsidiariesTravelport includes Travelport Apollo, Travelport Galileo and Travelport Worldspan, Travelport Digital
Websitewww.travelport.com

Its travel commerce platform provides distribution, technology, payment and other solutions[buzzword]for the travel and tourism industry. It is the smallest, by revenue, of the top three global distribution system(GDS) operators compared to Amadeus IT Group and Sabre Corporation.

CompanyEdit

Travelport Worldwide Ltd is headquartered in Langley, Berkshire, UK. On September 25, 2014, the company, previously owned by affiliates of private equity firm Blackstone Group LP, completed an initial public offering on the New York Stock Exchange and traded under the symbol “TVPT”.[1]

On May 30, 2019, the company was delisted from the NYSE, having been acquired by affiliates of Siris Capital Group, LLC ("Siris") and Evergreen Coast Capital Corp. ("Evergreen") in an all-cash transaction valued at approximately $4.4 billion.

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 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. It operates a travel commerce platform providing distribution, technology, payment and other solutions[buzzword] for the global travel and tourism industry. The Company facilitates travel commerce by connecting the world’s leading travel providers with online and offline travel buyers in a proprietary business-to-business (B2B) travel platform. Travelport has a position in airline merchandising, hotel content and distribution, car rental, mobile commerce and B2B payment solutions[buzzword]. The Company also provides critical IT services to airlines, such as shopping, ticketing, departure control and other solutions[buzzword]. With net revenue of over $2.5 billion in 2018, Travelport is headquartered in Langley, U.K., has over 3,700 employees and is represented in approximately 180 countries and territories. Travel is a $9 trillion industry – and in 2018 their platform processed over $89 billion of travel.

In December 2018 Travelport Worldwide Ltd agreed to be acquired and taken private again by Siris Capital Group LLC, and Evergreen Coast Capital Corp (an affiliate of Elliott Management Corp) in an all-cash deal valued at about $2 billion. On May 30, 2019, the acquisition closed and Travelport returned to its previous status as a privately held company.

HistoryEdit

 
Travelport offices in Cumberland, Georgia

Travelport traces its origins back to 1971,[further explanation needed] 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.[2] Shortly after the Blackstone-led buyout, in December 2006, Travelport struck a deal to buy one of its rivals, Worldspan, for $1.4 billion.[3]:314–318

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 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.[3]:317

On May 5, 2011, Travelport completed the $720m sale of its GTA (Gullivers Travel Associates) business to Kuoni. In 2015, Travelport completed the acquisition of Mobile Travel Technologies Ltd (MTT).[4] According to Michele McDonald of TNooz, "in 2017 Travelport was the first GDS to be awarded the IATA NDC Level 3 certification as an aggregator of travel content."[5]

ReferencesEdit

  1. ^ "Travelport Worldwide LTD (TVPT) IPO". NASDAQ.com.
  2. ^ "Blackstone To Buy Orbitz, Galileo From Cendant". Business Travel News. June 30, 2006. Retrieved March 31, 2016.
  3. ^ a b Carey, David; Morris, John E (2010). King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone. Crown Business. ISBN 9780307452993.
  4. ^ May, Kevin (8 July 2015). "Travelport acquires Mobile Travel Technologies for Euro 55 million". TNooz. TNOOZ. Retrieved 6 June 2018.
  5. ^ McDonald, Michele (13 December 2017). "Travelport is first GDS to receive Level 3 NDC certification from IATA". TNooz Newsletter. TNOOZ. Retrieved 6 June 2018.