CHICAGO — Cendant Corp. has agreed to sell its travel services division to an affiliate of private equity firm Blackstone Group for about $4.3 billion in cash, scrapping plans to spin off the unit.
The New York-based company said Friday that it expected to complete the sale of Travelport, which owns the Orbitz online travel agency and Cheaptickets.com, in August.
Shares of Cendant rose 52 cents, or 3.3%, to $16.29.
The move is part of a plan announced in October to split Cendant into four companies. The company plans to spin off its real estate unit, Realogy Corp., and a hotel division, Wyndham Worldwide, in separate transactions this month.
The Travelport sale also includes global distribution system Galileo, which serves more than 50,000 travel agencies and more than 60,000 hotels and other travel-related assets.