Cendant Completes Sale of Travelport to Blackstone Group
August 23 2006 - 5:24PM
PR Newswire (US)
Realogy Corporation and Wyndham Worldwide to Receive Proceeds of
$1.4 Billion and $760 Million, Respectively NEW YORK, Aug. 23
/PRNewswire-FirstCall/ -- Cendant Corporation (NYSE:CD) today
announced it has completed the previously announced sale of its
Travelport business to affiliates of the Blackstone Group for $4.3
billion in cash subject to closing adjustments. The sale of
Travelport follows the spin-offs of the Company's real estate and
hospitality businesses, Realogy Corporation and Wyndham Worldwide
Corporation, respectively, on July 31. At its annual meeting of
shareholders, scheduled for August 29, the Company is seeking the
approval of its shareholders to rename Cendant as Avis Budget
Group, Inc. and effect a one-for-ten reverse stock split. In
accordance with previously disclosed plans, the net proceeds of the
sale, after repayment of Travelport debt, taxes, fees and expenses,
will be distributed to Realogy Corporation and Wyndham Worldwide.
Realogy Corporation will receive approximately $1.4 billion and
Wyndham Worldwide will receive approximately $760 million.
Forward-Looking Statements Certain statements in this press release
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Statements
preceded by, followed by or that otherwise include the words
"believes", "expects", "anticipates", "intends", "projects",
"estimates", "plans", "may increase", "may fluctuate" and similar
expressions or future or conditional verbs such as "will",
"should", "would", "may" and "could" are generally forward-looking
in nature and not historical facts. Any statements that refer to
expectations or other characterizations of future events,
circumstances or results are forward-looking statements. Various
risks that could cause future results to differ from those
expressed by the forward-looking statements included in this press
release include, but are not limited to: changes in business,
political and economic conditions in the U.S. and in other
countries in which Cendant and its companies currently do business;
changes in governmental regulations and policies and actions of
regulatory bodies; changes in operating performance; and access to
capital markets and changes in credit ratings. Other unknown or
unpredictable factors also could have material adverse effects on
Cendant's and its companies' performance or achievements. In light
of these risks, uncertainties, assumptions and factors, the
forward-looking events discussed in this press release may not
occur. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date stated,
or if no date is stated, as of the date of this press release.
Important assumptions and other important factors that could cause
actual results to differ materially from those in the forward
looking statements are specified in Cendant's Form 10-K for the
year ended December 31, 2005, Cendant's Form 10-Q for the three
months ended March 31, 2006 and June 30, 2006, including under
headings such as "Forward-Looking Statements", "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations." Except for the Company's ongoing
obligations to disclose material information under the federal
securities laws, the Company undertakes no obligation to release
any revisions to any forward-looking statements, to report events
or to report the occurrence of unanticipated events unless required
by law. About Avis Budget Car Rental Avis Budget Car Rental, LLC
(formerly Cendant Car Rental Group), a subsidiary of Cendant
Corporation (NYSE:CD), is a leading provider of vehicle rental
services with operations in more than 50 countries. Through its
Avis and Budget brands, the company is the largest general-use
vehicle rental operator in each of North America, Australia, New
Zealand and certain other regions. Avis Budget Car Rental is
headquartered in Parsippany, NJ and has more than 30,000 employees.
About Realogy Corporation Realogy Corporation (NYSE:H), the world's
largest real estate franchisor, has a diversified business model
that also includes real estate brokerage, relocation and title
services. Realogy's world-renowned brands and business units
include Century 21(R), Coldwell Banker(R), Coldwell Banker
Commercial(R), ERA(R), Sotheby's International Realty(R), NRT
Incorporated, Cartus and Title Resource Group. Headquartered in
Parsippany, N.J., Realogy (http://www.realogy.com/) has more than
15,000 employees worldwide. About Wyndham Worldwide Corporation
Wyndham Worldwide Corporation (NYSE:WYN) is one of the world's
largest hospitality companies offering individual consumers and
business-to-business customers a broad suite of hospitality
products and services including lodging; vacation exchange and
rental services; and vacation ownership interests in resorts.
Wyndham Worldwide is headquartered in Parsippany, NJ and is
supported by approximately 28,800 employees around the world.
DATASOURCE: Cendant Corporation CONTACT: Media: Elliot Bloom,
Travelport, +1-212-413-1832; Mark Panus, +1-973-407-7215, or Kevin
Doell, +1-973-407-6653, both for Realogy Corporation; Richard
Roberts, Wyndham Worldwide Corporation, +1-973-496-0750; John
Barrows, Avis Budget Car Rental, +1-973-496-7865; Investors: Sam
Levenson, Cendant Corporation, +1-212-413-1834; Henry A. Diamond,
Realogy Corporation, +1-212-413-1920; Margo C. Happer, Wyndham
Worldwide Corporation, +1-973-496-2705; David Crowther, Avis Budget
Car Rental, +1-973-496-7277 Web site: http://www.cendant.com/
http://www.realogy.com/
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