M&A Deal Summary

TCV, The Blackstone Group and One Equity Partners Acquire Travelport

On August 23, 2006, private equity firms TCV, The Blackstone Group and One Equity Partners acquired information technology company Travelport from Cendant for 4.3B USD

Acquisition Highlights
  • This is TCV’s 5th, The Blackstone Group’s 3rd and One Equity Partners’ 2nd transaction in the Information Technology sector.
  • This is TCV’s , The Blackstone Group’s 33rd and One Equity Partners’ largest (disclosed) transaction.
  • This is TCV’s 1st, The Blackstone Group’s 8th and One Equity Partners’ 1st transaction in the United Kingdom.
Investment Fate
  • Travelport went public in 2014.
  • Travelport was sold to a consortium of financial buyers in 2018 for 4.4B USD.

M&A Deal Summary
Date 2006-08-23
Target Travelport
Sector Information Technology
Buyer(s) TCV
The Blackstone Group
One Equity Partners
Sellers(s) Cendant
Deal Type Divestiture
Deal Value 4.3B USD

Target

Travelport

Langley, United Kingdom
Travelport is a developer of a travel commerce platform to provide distribution, technology, payment and other solutions for the global travel and tourism industry. The company facilitates travel commerce by connecting the world’s leading travel providers with online and offline travel buyers in a proprietary business-to-business (B2B) travel marketplace. Travelport was founded in 2006 and is based in Langley, United Kingdom.

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Buyer(S) 3

Buyer

TCV

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 21.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Technology Crossover Ventures (TCV) is a private equity and venture capital firm focused on investments in growth technology companies. TCV looks to provide capital for growth, recapitalizations, acquisitions, and buyouts of technology companies in sectors such as internet, financial technology, infrastructure & communications, and software. TCV targets opportunities in North America and looks to commit between $10 and $500 million of equity capital per transaction. TCV was formed in 1995 and is based in Palo Alto, New York City, and London.

DEAL STATS #
Overall 32 of 82
Sector (Information Technology) 5 of 9
Type (Divestiture) 1 of 2
Country (United Kingdom) 1 of 4
Year (2006) 9 of 9
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-02 Onyx Software

Bellevue, Washington, United States

Worldwide leader in delivering successful CRM through three role-specific, Web services-based portals.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-19 ExlService Holdings

New York, New York, United States

ExlService Holdings is a business process solutions company that looks deeper to drive business impact through integrated services and industry knowledge. EXL provides operations management, decision analytics and technology platforms to organizations in insurance, healthcare, banking and financial services, utilities, travel, and transportation and logistics, among others. ExlService Holdings was incorporated in 1999 and is based in New York, New York.

Sell -
Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.

DEAL STATS #
Overall 101 of 336
Sector (Information Technology) 3 of 23
Type (Divestiture) 8 of 33
Country (United Kingdom) 8 of 26
Year (2006) 11 of 16
Size (of disclosed) 33 of 172
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-15 GoldToe-Moretz

Newton, New York, United States

Gold Toe-Moretz manufactures a broad portfolio of branded, licensed and private-label socks. Two of the hosiery industry’s leading companies, Gold Toe Investment Corp. and Moretz Inc., will combine in a transaction announced today, creating one of the largest global sock companies.

Buy $466M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-14 FreeScale Semiconductor

Austin, Texas, United States

Freescale Semiconductor, Inc. is a designer and manufacturer of embedded semiconductors for the automotive, consumer, industrial, networking and wireless markets. FreeScale designs, researches and development, manufacturing or sales operations in more than 30 countries.

Buy $17.6B
Buyer

One Equity Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

One Equity Partners (OEP) is a private equity firm that targets buyout and growth capital investments in North America, Europe, and Asia. OEP prefers to be the lead investor and typically commits $30 to $300 million per transaction. Sectors of interest include industrial products/services, consumer, retail, chemicals, media, communications, and healthcare. One Equity Partners was formed in 2001 and spun out of JP Morgan Chase in 2015. One Equity Partners is based in New York City.

DEAL STATS #
Overall 15 of 131
Sector (Information Technology) 2 of 25
Type (Divestiture) 4 of 29
Country (United Kingdom) 1 of 8
Year (2006) 3 of 4
Size (of disclosed) 1 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-19 Progress Rail

Albertville, Alabama, United States

Progress Rail is a provider of rail and transit products and services throughout North America.

Sell $1.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-15 Expert Global Solutions

Horsham, Pennsylvania, United States

Expert Global Solutions, Inc. provides business process outsourcing (BPO) solutions to a diversified client base. Expert Global Solutions’s services include accounts receivables management and customer relationship management. Expert Global is based in Horsham, Pennsylvania.

Buy -

Seller(S) 1

SELLER

Cendant

New York, New York, United States
Category Company
Founded 1998
Sector Consumer Services
DESCRIPTION

Cendant Corp. was a collection of business and consumer services companies. Cendant was formed in 1998 between the merger of Hospitality Franchise Systems and CUC International.

DEAL STATS #
Overall 6 of 8
Sector (Information Technology) 1 of 1
Type (Divestiture) 4 of 5
Country (United Kingdom) 3 of 3
Year (2006) 3 of 3
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-31 Anywhere Real Estate

Madison, New Jersey, United States

Anywhere Real Estate is a consumer services company offering retail brokerage and relocation services. Its brands include Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA, Sotheby’s International Realty, and Better Homes and Gardens Real Estate. Anywhere Real Estate is headquartered in Madison, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-01 Jackson Hewitt Tax Service

Parsippany, New Jersey, United States

Jackson Hewitt Tax Service Inc. is an innovator in the tax industry, with a mission to provide its hard-working clients access to simple, low-cost solutions to manage their taxes and tax refunds. Jackson Hewitt is devoted to helping clients get ahead with Maximum Refund and 100% Accuracy Guarantees. With close to 6,000 franchised and company-owned locations, including 3,000 in Walmart stores, and online and mobile tax solutions, Jackson Hewitt makes it convenient for clients to file their taxes.

Sell -
Mergr

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