Cendant said on Tuesday it expects to record a non-cash impairment charge of more than $1 billion during the second quarter of 2006 related to the sale of Travelport, its travel services division.

Cendant - which announced in October it would break itself into four companies dealing in travel, real estate, hotels and car rentals - agreed last month to sell, rather than spin off, Travelport to an affiliate of private equity firm Blackstone Group [BG.UL] for about $4.3 billion in cash.

The anticipated charge represents the difference between the sale price and the historical carrying value of the assets, Cendant said in a filing.

The company also said it could incur an additional loss related to the sale due to transaction-specific costs.

Shares in Cendant's Realogy Corp. real estate unit and Wyndham Worldwide Corp. hotel unit are expected to begin "when-issued" trading on Wednesday on the New York Stock Exchange.

Source: Reuters