Cendant has sold Travelport, formerly known as Cendant Travel Distribution Services, to the Blackstone group for US$4.5 billion cash.
Blackstone, one of the world’s leading private equity groups, has not yet revealed its plans for Travelport, which has annual sales of US$2.5 billion and owns some 20 major travel brands acquired in a buying spree over the past five years.
These include the Galileo GDS, Gullivers Travel Associates, Orbitz and Cheaptickets.
Travelport CEO Jeff Clarke told the New York Times that each of its three divisions is profitable and that Blackstone wants to keep present management in place.
Integration has been a significant issue for the company in recent times but Mr Clarke, who joined the company two months ago, flagged further growth.
"As a private company, Travelport will now have considerably greater financial latitude and firepower to take advantage of burgeoning opportunities in the travel market," Mr Clarke said.
Cendant said the sale proceeds will primarily be used to reduce the debt carried by its Realogy and Wyndham subsidiaries.
The sale is expected to be completed by August.