The Cendant Corporation said yesterday that it would sell its Travelport unit, which owns Orbitz, Cheaptickets and other travel services, to the Blackstone Group for $4.3 billion in cash.

The deal, which is expected to close in August, was not unexpected. Last fall, Cendant, the travel and real estate conglomerate, said it planned to split into four independent businesses, either through sales or spinoffs. And Blackstone had long been rumored to be a bidder.

Still, analysts reacted to the news with relief. "It's a high-quality offer — all cash, deep-pocketed buyer and quick closing timeline," Joshua Attie, a Citigroup analyst who has a buy recommendation on Cendant shares, wrote to clients after the deal was announced.

Others noted that Cendant planned to use much of the cash to pay down debt, which means that Realogy and Wyndham, the real estate and hospitality arms that Cendant has said it will spin off in July, will hit the market with cleaner balance sheets.

"There's less uncertainty about the debt, which means the market will probably set a better price for the spinoffs," said Michael Millman, an analyst at Soleil Securities, who has a buy rating on Cendant shares.

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