There has been a lot of talk about a flood of stock market flotations on the way this year, and today we get confirmation of a big one.
Travelport, whose operations include the hotel and airlines booking business Galileo, plans to raise $2bn (£1.2bn) as part of a flotation in London which could value the business at around $3bn (£1.8bn). The money raised will go towards paying off borrowings by its private equity owner Blackstone, and includes a $225m investment by the government of Singapore Investment Corporation in return for a 7.19% shareholding in the business. The company - which expects to get the deal away by March - has appointed Dermot Gleeson, the former chairman of the troubled Allied Irish Bank, as its non-executive chairman.
Travelport was formed from Cendant's Galileo and GTA brands, which were bought by Blackstone, Technology Crossover Ventures and the company's management in 2006.
The fate of Travelport's float will be closely watched by advisors to a number of other companies considering a listing, including Merlin Entertainments, which owns Madame Tussauds and Legoland, and fashion group New Look.
