An agreement was signed last month by Travel Transaction Processing Corporation to purchase Worldspan from its three airline owners (Delta Air Lines, Northwest Airlines and American Airlines).
The transaction, scheduled to close in mid-2003, is subject to financing, governmental and regulatory approvals, and other customary conditions the satisfaction of which may not be guaranteed.
Worldspan recently completed fiscal year 2002, in which revenues and profits grew during a very difficult year for the travel industry overall. This performance, says the company, is testimony to the effective business models Worldspan has created, its successful partnerships with a wide range of travel industry leaders, and the dedication and commitment of staff.
Worldspan has invested many, many millions of dollars in its network, systems, people, and product developments over the past five years, providing the company and its customers with the broadest, most technologically advanced platforms and product line in the industry, said the company.
Travel Transaction is a new company formed by Citigroup Venture Capital Equity Partners L.P. and Teachers’ Merchant Bank.