Hints and tips:
...Travelport had a deal to sell a unit to the payments company Wex, but Wex has refused to close and Travelport is in the middle of separate litigation to get that money....
...that Elliott and Travelport co-owner Siris recently executed....
...Ironically, Blackstone had previously owned Travelport, taking money out of the company in 2007 through a dividend recapitalisation that sparked a clash with bondholders in 2011....
...Some of Blackstone’s stakes in listed companies, including Travelport, a travel software platform, and property developers dropped more than 10 per cent in the quarter....
...Travelport said it would use the proceeds from its initial public offering to repay debt....
...The group sold down stakes in several other companies including Nielsen and Travelport. It has just filed to take public its shopping centre unit Brixmor Property....
...Barclays, State Bank of India, US healthcare company Apria and Travelport, the Blackstone-backed travel ticketing company, are among Intelenet’s top 10 customers, which together generate 60 per cent of Intelenet...
...Credit Suisse, Deutsche Bank, UBS, Barclays and Citigroup were acting as Travelport’s joint bookrunners for the London offering....
...With debt less than 2 times ebitda, its balance sheet appears more attractive than Travelport’s....
...That suggests Travelport’s valuation is in the right ballpark, albeit a bit rich....
...Travelport said on Monday that its planned flotation in London would value all of its shares at up to $3.45bn (£2.16bn)....
...Jeff Clarke, Travelport’s chief executive, blamed market volatility for the decision....
...Amadeus, a Madrid-headquartered rival to Travelport, has also been seen as an IPO candidate....
...Travelport said on Monday it would price its shares at between 210p and 290p each, valuing the company’s equity at $3.05bn-$3.45bn ....
...In February, a planned London IPO for Amadeus’s US rival Travelport was postponed by its private equity owners Blackstone....
...Travelport was keen to float ahead of Amadeus, but ultimately decided the market was not ready for its $1.8bn IPO....
...Travelport’s sales were $2.53bn in 2008, producing adjusted ebitda of $716m. Its debt is not due to be refinanced until 2013....
...Companies such as Travelport and Simmons had it rough before the economy turned sour....
...Following the decision by Travelport, the US travel services company also owned by the private equity group, to pull its planned £1.2bn initial public offering, Merlin issued a statement saying all options...
...Following the move this week by Travelport, the Blackstone-owned US travel services company, to pull its planned £1.2bn IPO, Merlin said all options, “including an IPO”, remained viable....
...The valuation indicates that Amadeus is confident of succeeding where its US rival Travelport failed....
...It had hoped that Travelport would be set the tone for those to come....
...In some cases, such as Travelport, the IPO is meant to fix this by repaying debt with the proceeds rather than letting private equity cash out....
...The Travelport float alone could have generated more than $50m (£32m) in fees for the five banks advising the company....
...The move came hard on the heels of Travelport, the US travel group, pulling its £1.2bn London flotation after failing to win the support of investors....
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