Cendant Considers Sale Options, Signs Up Virgin

CENDANT has announced it is now considering selling its Travel Distribution Services division as an alternative to a shareholder spin-off.
 
Chairman Henry Silverman said Cendant has “decided to further explore other strategic alternatives” after receiving a number of unsolicited offers for the TDS business, which is being renamed Travelport ahead of the sale process.
 
The news follows the appointment of a new TDS senior management team – Gordon Bethune, Chairman, (formerly Chairman and CEO of Continental Airlines) and Jeff Clarke, CEO and President (formerly Chief Operating Officer of CA).
 
“The announcement that TDS will be re-named Travelport further identifies our company as the destination for travel bookings, with a strong and unifying identity for the distinct travel businesses that comprise TDS," Mr Bethune said.
 
Mr. Clarke added: "TDS, with its leading brands such as Orbitz, Galileo and Gullivers Travel Associates, is well positioned to experience considerable growth.”
 
In a statement, Cendant reiterated its plan to spin-off Realogy Corporation and Wyndham Worldwide to shareholders as previously announced, which would result in three separate public companies, including Avis Budget Group, Inc., if TDS is sold.
 
Meanwhile, Cendant TDS) announced that Virgin Blue has signed a multi-year agreement to use aiRES, its “next-generation Passenger Services System (PSS)”.
 
Cendant said aiRES is built from the ground up on open systems technology and is designed to replace “less flexible, more expensive legacy systems now common in the industry”.
 
Ends.
 
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