An agreement was signed today by Travel Transaction Processing Corporation.

Geplaatst op 17-03-2003 door De redactie
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Worldspan to be Acquired by Private Equity Firms. Travel technology leader well positioned for continued growth and expansion under new ownership. An agreement was signed today by Travel Transaction Processing Corporation, newly formed by Citigroup Venture Capital Equity Partners L.P. and Teachers´ Merchant Bank, to purchase Worldspan L.P. from its three airline owners. The transaction, scheduled to close in mid-2003, is subject to financing, governmental and regulatory approvals, andfinalization of financial arrangements, receipt of necessary government approvals, and satisfaction of other closing customary conditions the satisfaction of which may not be guaranteed.

"This is a momentous day for Worldspan's customers, suppliers, and employees," said Paul J. Blackney, president and chief executive officer of Worldspan. "Through our new relationship with Citigroup Venture Capital and Teachers´ Merchant Bank, Worldspan will continue to enjoy ownership that is committed to helping Worldspan increase growth prospects, continue in our relentless pursuit of excellence, and lead the travel technology industry in innovation.

"Worldspan recently completed fiscal year 2002, in which revenues and profits grew during a very difficult year for the travel industry overall," Blackney said. "This performance is testimony to the effective business models Worldspan has created, our successful partnerships with a wide range of travel industry leaders, and the dedication and commitment of our gifted staff. Worldspan has invested many, many millions of dollars in its network, systems, people, and product developments over the past five years, providing the company and its customers with the broadest, most technologically advanced platforms and product line in the industry. Worldspan is well positioned for the future."

Worldspan is the leading travel technology resource for travel suppliers, travel agencies, e-commerce sites and corporations worldwide. Utilizing the fastest, most flexible and most efficient network and computing technologies in the industry, Worldspan provides comprehensive electronic data services linking thousands of travel suppliers around the world to a global customer base. The company offers industry-leading Fares and Pricing technology such as Worldspan e-PricingSM, hosting solutions, and customized travel products, including Worldspan Travel Button®. Worldspan enables travel suppliers, distributors and corporations to reduce costs and increase productivity with best-in-class technology like Worldspan Go!® and Worldspan Trip Manager®. Headquartered in Atlanta, Georgia, Worldspan is owned by affiliates of Delta Air Lines, Inc. (NYSE: DAL), Northwest Airlines (NASDAQ: NWAC) and American Airlines (NSE: AMR). Additional information is available at www.worldspan.com.

Citigroup Venture Capital Equity Partners is a private equity fund managed by Citigroup Venture Capital, one of the industry´s oldest private equity firms. Citigroup Venture Capital was established in 1968, and manages funds in excess of $10 billion. It pioneered the acquisition of technology companies by private equity firms and over the years has led the acquisition of such industry leading companies as KEMET (NYSE: KEM), Fairchild Semiconductor (NYSE: FCS), and Intersil (NASDAQ: ISIL), among others. Teachers' Merchant Bank is the private equity arm of the C$68 billion Ontario Teachers' Pension Plan. With a portfolio valued at over C$4.5 billion, Teachers' Merchant Bank is one of Canada´s largest private investors working with more than 100 companies around the world to create value by providing long-term flexible capital.

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