Two of the burning questions for Travelport ahead of its planned listing on the London Stock Exchange have already been answered - its ongoing strategy for investment in Orbitz and succession planning for its CEO.
The travel technology and Global Distribution System provider is hoping to complete the listing in London within four to six weeks, subject to the investor roadshows planned for later this month and during February running smoothly.
Although there is a 360-day lockdown of senior management and directors on completion of the offering, Tnooz can reveal deputy chief executive Gordon Wilson is most likely to take over once current president and CEO Jeff Clarke steps down.
Speaking to Tnooz today, deputy chief executive and UK-based Gordon Wilson stresses that there are no plans for any changes at the top of the business but as deputy he is the "anointed" successor to US-based Clarke.
This confirms speculation first mooted in November when he was appointed deputy CEO.
Another important development to reveal concerns the company's existing stake 48% stake in online travel agency giant Orbitz Worldwide, owner of Ebookers, Cheaptickets, Hotel Club and the main US Orbitz business.
Travelport retained the commanding share in the business after the Orbitz spin-off through its own IPO to the New York Stock Exchange in July 2007.
Wilson says Travelport has no plans to sell the Orbitz shares and the business remains an important one both strategically and commercially.
"We are committed to the ongoing success of Orbitz," he stresses.
When asked about the principle reasons for the listing, Wilson gives a number of reasons:
- "De-lever" the company away from the debt associated with its existing private equity ownership through Blackstone, Technology Crossover Ventures and One Equity Partners.
- Potential to massively raise the profile of the company in the financial markets around the world (indeed, the IPO will be the biggest tech listing in London since 2007).
Meanwhile, Wilson says it was not strategically important for Travelport to be the first of the GDSs out of the block with its IPO.
The next travel tech company expected to list is Amadeus in Madrid, many believe scheduled for Q2 2010.
In fact, he wants Sabre and Amadeus to eventually join Travelport and throw their doors open to new investors (although some suspect might he would think otherwise if both companies also listed in London).
"I personally hope that we all are on the public markets in the future," he says.