Travelport Ltd., the travel reservations company majority-owned by Blackstone Group LP (BX), on Monday announced a price range for its initial public offering on the London stock exchange, valuing the company at up to $3.45 billion. The company expects to use the $1.775 billion in net proceeds from the offering to reduce its debt.
In a statement to the London stock exchange, the Dublin-based company has set a price range for the initial public offering or IPO of between GBP 2.10 and GBP 2.90 per share, and expects to raise about $1.775 billion from the offering by the issue of between 382,543,103 and 528,273,810 shares. The IPO values the company at between $3.05 billion and $3.45 billion.
The IPO may be increased by as much as 15% if owners sell some of their shares through the so-called over-allotment option, the company said. Blackstone currently owns about 70% of Travelport. In addition to Blackstone, Travelport's current investors include California-based Technology Crossover Ventures; One Equity Partners, the private-equity unit of JPMorgan Chase & Co. (JPM); and Travelport's managers.
Travelport said that the Government of Singapore Investment Corporation, or GIC, has invested $225 million in the company's current ultimate parent entity. This will result in GIC owning a 7.19% shareholding in Travelport upon completion of the IPO, which will be subject to a 180 day lock-up. The investment is pursuant to an agreement signed by GIC in December 2009.
Travelport's IPO is expected to be the biggest in the U.K. since May 2008. The company said that the offer price is to be determined following a book-building process that commenced Monday and will close on February 11. Travelport is seeking to lure buyers as accelerating economic growth is set to boost travel. Earlier, the company had applied for a London IPO in December 2007 but scrapped the plan as the credit crisis deepened.
Travelport, which owns 48% of online booking company Orbitz Worldwide Inc. (OWW), has appointed Credit Suisse Securities Europe Limited, Deutsche Bank AG, UBS Investment Bank, Barclays Bank PLC and Citigroup Global Markets Limited as joint bookrunners to the IPO. UBS Investment Bank is also acting as sponsor to the sale.
Travelport's three lines of business include Global Distributions Systems, or GDS, and Gullivers Travel Associates, or GTA, a wholesaler of accommodation, ground travel and tours. The company's third unit, Travelport Airline IT Solution, provides information technology service for airlines worldwide.
The company said in a separate statement that it has been selected by Thomas Cook Group plc (TCG.L) as its GDS provider in the United Kingdom. The new, multi-year agreement, which follows a thorough tender process, will see Thomas Cook migrate all of its U.K. entities, including Gold Medal Travel, from their current GDS provider to the Galileo platform.
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