Blackstone's Travelport IPO scrapped
Blackstone portfolio company Travelport has cancelled its expected £1.2bn (€1.36bn) IPO. The decision, which is likely to send further tremors through financial markets, is one of the strongest indicators yet of the level of market uncertainty brought on by the instability of several eurozone economies. The listing would have been London’s biggest in two years.
“Following a review of market conditions, it has decided against proceeding with an initial public offering of shares and listing on the London Stock Exchange,” the company said in a statement.
The cancellation will be a blow for owner Blackstone, which had reportedly been planning a string of portfolio company IPOs. One Equity Partners, Technology Crossover Ventures and Travelport’s management also hold stakes in the company. Travelport said that the listing had been cancelled “at this time”, but did not say when it would be rescheduled for.
Travelport is a travel conglomerate providing business services to the global travel industry through the Worldspan and Galileo brands, as well as GTA, a multi-channel provider of hotel and ground services, IT services and software, and business and data analysis for airlines. The company also holds a 48 per cent stake in online travel company Orbitz.
Travelport had reportedly been intending to float in 2008 but got cold feet when the markets crashed.
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