Blackstone-owned Travelport aims to reduce debts after $2bn fund-raising

David Hellier
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TRAVELPORT, the services group operating in the travel industry, yesterday revealed plans to raise $2bn (£1.22bn) to reduce its indebtedness.

Travelport is currently around 70 per cent owned by Blackstone, the private equity group.

Travelport will be raising $1.775bn through a public offering, and a further $225m will be raised by selling a seven per cent shareholding to the Government of Singapore Investment Corporation.

The group is expected to report a pre-tax loss for 2009.

Travelport has approximately 5,300 employees.

It also owns approximately 48 per cent of Orbitz Worldwide, a leading global on-line travel company.

Advisers to the fund-raising include James Leigh-Pemberton at Credit Suisse, who are supported by UBS, Barclays Capital and Citi.

“Flotation marks an important step in our future development. Listing in London is the natural choice given Travelport’s corporate headquarters in Ireland,” says Jeff Clarke, chief executive.