Travelport Ltd. and Worldspan, L.P. to Merge to Create Leading Travel Solutions Company

Dec 7, 2006, 00:00 AM by User Not Found
NEW YORK AND ATLANTA – December 7, 2006 – Travelport Ltd. and Worldspan, L.P. announced today a definitive agreement to merge Worldspan into a subsidiary of Travelport to create a leading global travel solution provider.

降低旅行分销成本,提升客户服务和技术创新的需求引发合并

纽约与亚特兰大 — 2006 年 12 月 7 日— Travelport Ltd. 和 Worldspan, L.P. 今日公布一项最终协议,将 Worldspan 并入 Travelport 的一家附属公司,打造世界领先的旅游解决方案提供商。

“Increasing cost pressures on travel suppliers and agencies combined with the strengthening of alternative distribution channels, such as supplier direct channels, continue to influence how travel is purchased,” said Jeff Clarke, Chief Executive Officer of Travelport. “This merger will create a more effective and efficient travel distribution provider and will ensure that we are better positioned to meet the evolving needs of our customers, the travel suppliers, travel agencies and end consumers.”

As the travel industry continues to grow at a substantial rate, travel suppliers and agencies require the technology and networks capable of handling the increased demand. Competition in the travel distribution industry has increased, driven in part by travel bookings via alternative travel distribution channels. According to Forrester Research, more than half of US travel bookings are already processed through alternative non-GDS channels. Globally, sales from supplier direct websites are expected to continue to grow as airlines encourage direct bookings through frequent flyer programs, exclusive fares and potentially through removal of content from the GDSs. The combination of Travelport and Worldspan addresses the increasing demands of the travel distribution industry and supports the need for cost-effective and efficient GDS offerings.


“此次合并基于我们两家公司的优势互补,将有利于现有和未来的客户,使他们能够应对日益激烈的市场竞争,”Worldspan 总裁兼首席行政官董事长 Rakesh Gangwal 说。 “Travelport 和 Worldspan 明确体现了行业发展趋势,提供新的技术标准、高品质的内容和世界一流的客户服务。“

Currently, more than 750 travel suppliers, 63,000 travel agencies and millions of end consumers globally benefit from the travel distribution services provided by the two organizations. The transaction brings together two companies with global footprints and a proven track record of customer service and technology leadership. Worldspan will further augment Travelport’s global breadth and diversity and will enhance Travelport’s technology platform, in particular in the online distribution segment.

除为客户带来诸多利益外,Travelport 和 Worldspan 期望该拟定交易会因自然的经营协同效应而带来财务效益。初始整合重点将为巩固技术和管理经营,实现短期节约成本 5,000 万美元左右的目标。管理层还希望借此机会将 Worldspan 的技术产品交叉销售给 Travelport 的全球客户。

Jeff Clarke 将领导合并后的公司,担任首席执行官。交易完成之前,Rakesh Gangwal 将继续管理 Worldspan 并在合并完成后离开公司。此外,两家公司已成立整合规划团队。Travelport 和 Worldspan 整合团队将包括:Travelport 的首席行政官 Terry Conley、Travelport 的首席重组官 Pat Bourke 和 Worldspan 的首席财务官 Kevin Mooney。

该拟定交易对 Worldspan 的估值为 14 亿美元。在执行并购协议的同时,Worldspan 完成了一项资本重组计划。作为其资本重组计划的一部分,Travelport 向 Worldspan 借出 1.25 亿美元的贷款,以交换 Travelport 以手头现金出资的一种实物支付(PIK)票据。此外,Travelport 的一家母公司也向 Worldspan 借出 1.25 亿美元的贷款,以交换 PIK 票据。该交易已得到两家公司董事会和主要股东一致批准,但交易的完成还须遵守常规的完成条件,包括监管部门的批准。

瑞士信贷(Credit Suisse)、雷曼兄弟和瑞银(UBS)将就该交易担任 Travelport 的财务顾问。

Travelport 将在东部时间上午 11:00 点举行电话会议讨论今天的公告,同时进行网络直播。参与电话会议,请拨打 866-383-8119(国内)或 617-597-5344(国际),密码为 75964686,或通过互联网登录该公司网站www.travelport.com收听直播。对于无法收听直播者,该公司网站将提供重播,或拨打 888-286-8010(国内)或 617-801-6888(国际)收听回拨,重播密码为 16774282,将于会议结束后大约两个小时开始,2006 年 12 月 14 日可全天访问。

关于 Travelport

Travelport 是世界最大的旅游集团之一,经营 20 多个领先品牌,包括:全球分销系统(GDS)Galileo;在线旅游代理 Orbitz;以及旅游内容批发商 Gulliver's Travel Associates。该公司拥有 8,000 名员工,业务遍及 130 个国家,2005 年收益达 24 亿美元。Travelport 是一家私营企业,为 纽约 Blackstone 集团和位于加州帕洛阿尔托的 Technology Crossover Ventures 所有。

About Worldspan, L.P.

Worldspan 是为环球旅游供应商、旅行社、电子商务网站和公司提供旅游技术服务的领先提供商。利用一些最快、最灵活的高效网络和计算技术,Worldspan 提供全方位的电子数据服务,将数以千计的世界各地旅游供应商与全球客户联系起来。Worldspan 提供业界领先的计费和定价技术,如 Worldspan e-Pricing®、托管解决方案和定制旅游产品。Worldspan 以 Worldspan Go!® 和 Worldspan Trip Manager® XE 等技术帮助旅游供应商、分销商和企业降低成本和提高效率。Worldspan 总部设在佐治亚州亚特兰大市,是一家私营公司,由 Court Square Capital Partners 和安大略教师退休基金(Ontario Teachers’ Pension Plan)拥有。更多信息,请登录 Worldspan.com。

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本新闻稿所载的若干陈述包括“前瞻性陈述”,前瞻性涉及已知和未知风险、不确定性和其他因素,可能会导致该公司的实际业绩、表现或成果与该等前瞻性陈述所明示或暗示的日后业绩、表现或成果出现重大差异。以“相信”、“期望”、“预期”、“打算”、“预计”、“估计”、“计划”、“可能增加”、“可能会波动”或类似表述,或将来或条件动词,例如“将”、“应该”、“将会”、“可”和“可能”引出或结尾或含有上述表述的陈述通常都属前瞻性质,并非历史事实。涉及期望或未来事件、情况或业绩特征的陈述均为前瞻性陈述。

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: our substantial indebtedness, our ability to service such indebtedness and the impact thereof on the way we operate our business; interest rate movements; factors affecting the level of travel activity, particularly air travel volume; general economic and business conditions; competition in the travel industry; pricing, regulatory and other trends in the travel industry; risks associated with doing business in multiple international jurisdictions and in multiple currencies; maintenance and protection of our information technology and intellectual property; risks relating to our separation from Cendant; the outcome of pending litigation; financing plans and access to adequate capital on favorable terms; and our ability to achieve anticipated cost savings. Other unknown or unpredictable factors also could have material adverse effects on our 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. Except to the extent required by applicable 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.