Blackstone Travelport IPO

Blackstone Considering $3.2 Billion Travelport IPO

Blackstone Group‘s travel reservation company is planning a $3.2 billion initial public offering in London as early as February.  The revival of the S&P has given buyout firms new confidence in the public markets.  This also shows confidence in the travel market which is vulnerable to downturns in the economy when consumers are less likely to go on vacations and businesses trip travel expenses.  Buyout firms have made an estimated $2 trillion in leveraged buyouts since 2004 and investors who have suffered heavy losses in the last two years are becoming anxious to make some profits on those investments.

Barclays Capital, Credit Suisse Group AG, UBS AG, Deutsche Bank AG and Citigroup Inc. were hired to advise on the share sale, slated to take place in London as early as February, said the people, who declined to be identified because the plans haven’t been announced.

Leveraged buyout firms are seizing on the 62 percent rebound in the Standard & Poor’s 500 Index from a 12-year low in March to return cash to investors. Blackstone led a group that bought New York-based Travelport from Cendant Corp. for $4.3 billion in 2006. Travelport owns 48 percent of online booking company Orbitz Worldwide (OWW) as well as the Galileo and Worldspan brands.

“The big picture is the travel market has stabilized and is looking like it’s ready to go up,” said Michael Millman, founder of Millman Research Associates “Travelport has basically said they want to do an IPO at the right time, meaning when they can get a good price.”  Source

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