Cendant to Sell Orbitz, Galileo to Blackstone Group

New York -- Cendant Corp. today announced plans to sell its travel service subsidiary, which includes online travel booker Orbitz and the Galileo global distribution system, to The Blackstone Group.

The $4.3 billion-deal for Travelport, which encompasses more than 20 brands, is expected to close in August.

The sale is part of Cendant's plan to break itself into four separate companies, of which Travelport is one. Cendant plans to pay down debt on its Realogy and Wyndham subsidiaries out of proceeds from the Travelport sale.

A private equity firm, Blackstone is an owner of MiMegasite parent VNU Inc.