ExCeL London - 30 Sep - 01 Oct 2021
18 October 2021 - Virtual
28 October - London, UK
Travelport last night suspended plans to float on the London Stock Exchange (LSE).
The technology company's bosses said the decision to abandon the initial public offering (IPO) was taken after recent volatility in the financial markets.
But the private equity-backed firm, which owns global distribution systems (GDSs) Galileo and Worldspan, has not ruled out a return to the markets later in the year.
Jeff Clarke, Travelport's chief executive, said the company would re-evaluate the situation when markets had stabilised: "Since we announced our intention to float there has been significantly increased volatility and uncertainty in global equity markets as a result of macro circumstances unrelated to our business. We will consider bringing it back to the market at a future date, when equity market conditions are more favourable."
Financial analysts previously predicted the Travelport IPO would have been the largest on the LSE for more than two years.
The company's earnings are expected to reach $660 million by the end of 2010.
Private equity firm PPrPBlackstone led a buyout of Travelport with Technology Crossover Ventures from US conglomerate Cendant in 2006 for $4.3 billion.
It later merged with rival GDS Worldspan to strengthen its position in the US travel technology market.
Blackstone's 70% stake in Travelport was expected to drop to about 40% following the IPO.