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July 21, 2007 | From Times Wire Services
Shares of Orbitz Worldwide Inc., the online travel agency controlled by buyout firm Blackstone Group, fell more than 3% on Friday in their trading debut. The stock lost 50 cents to $14.50. The firm sold 34 million shares Thursday for $15 each, below the range it had planned. Blackstone has been the website's owner for 11 months through its Travelport Ltd. unit, which still owns 60% of Orbitz's stock.
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BUSINESS
July 20, 2007 | From Times Staff and Wire Reports
Orbitz Worldwide Inc., the online travel agency owned by buyout firm Blackstone Group, raised $510 million in an initial share sale Thursday. The Chicago-based company sold 34 million shares at $15 each, less than the range it forecast this month. The stock will begin trading on the New York Stock Exchange today under the symbol OWW. Blackstone, the website's owner for 11 months through its Travelport Ltd. unit, took Orbitz public to capitalize on a surge in global travel.
BUSINESS
December 8, 2006 | From Bloomberg News
Travelport Ltd., the owner of online travel agencies Orbitz and CheapTickets, agreed to purchase Worldspan for $1.4 billion in cash to acquire technology and new customers. Worldspan provides electronic ticketing for travel agencies and runs the reservation systems for airlines including Delta Air Lines Inc. and Northwest Airlines Corp. The combined company would have $3.5 billion in sales, Travelport spokesman Elliot Bloom said Thursday.
BUSINESS
April 13, 2011
FORT WORTH, Texas — American Airlines raised the stakes in its battle with ticket sellers by suing travel website Orbitz and distributor Travelport Ltd., accusing them of monopoly tactics. American says the companies are trying to control the distribution of airline tickets to business travelers and are retaliating against American for objecting. Orbitz and Travelport denied American's charges. Orbitz said Wednesday that American was trying to grab control over ticket distribution to limit customer choice and reduce competition.
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