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Orbitz files for IPO

May 11, 2007 | Online Travel

Private-equity firm Blackstone Group is taking Orbitz Worldwide Inc. public less than a year after it acquired the online travel company through its $4.3 billion acquisition of Travelport. Orbitz won't receive any proceeds of the offer. They will be passed on to Travelport which will use them to repay a portion of its senior credit facility.

Private-equity firm Blackstone Group is taking Orbitz Worldwide Inc. public less than a year after it acquired the online travel company through its $4.3 billion (€3.18 billion) acquisition of Travelport.

Orbitz filed paperwork Thursday with the Securities and Exchange Commission to sell as much as $750 million (€554.5 million) of stock to investors.

One of the largest online travel companies in the world, Orbitz operates a suite of consumer Web sites, including Orbitz, CheapTickets, ebookers, HotelClub, RatesToGo and the Away Network.

Its corporate travel brands include Orbitz for Business and Travelport for Business. Orbitz brokers air tickets, hotel rooms, vacation packages, car rentals and cruises.

Together, the company’s U.S. brands have nearly 48 million registered users and more than 25 million unique visitors each month, Orbitz said in its prospectus. The company generated about $10 billion in gross bookings last year, including $8.7 billion in the U.S.

Get the full story at the International Herald Tribune

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