Blackstone Advises Travelweb on Sale to Priceline.com.Business Editors/Travel Writers NEW YORK--(BUSINESS WIRE)--May 5, 2004 Travelweb LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control has announced the sale of 71.4% of the equity interests in Travelweb to Priceline.com. This brings Priceline.com's total ownership in Travelweb to 85.7%. The sale price for the interests sold was $20.8 million. In addition, Priceline.com will potentially pay an earn-out after 12 months of approximately 954,547 shares of Priceline.com common stock to the selling shareholders of Travelweb in the event certain performance goals are met. Priceline.com has stated that it has entered into an agreement to purchase the remaining 14.3% outstanding equity interest in Travelweb held by Intercontinental Hotels Group InterContinental Hotels Group (IHG) (LSE: IHG NYSE: IHG) is a multinational company which operates several hotel brands. The largest hotel company by number of rooms (556,000 as of March 2007 [1]), its headquarters are in Windsor just outside Greater London and at a future date. Travelweb has supply agreements with more than 11,000 participating properties in the Travelweb system, including the brands of its founder hotels, Hilton, Hyatt, Intercontinental Hotels Group, Marriott, and Starwood, and has distribution agreements with a number of travel websites, including Orbitz.com. The Blackstone Group Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. The company is based in New York City, in River House on Park Avenue at Fifty-first Street, with offices in Atlanta, served as exclusive financial advisor to Travelweb in this transaction. About Travelweb: Travelweb, headquartered in Dallas, is a travel distribution company. Owned by Hilton Hotels Corporation Hilton Hotels Corporation (NYSE: HLT) is one of the leading global hospitality companies. As of April 2007 there are 2,645 hotels and 485,000 rooms employing 105,000 people in more than 80 countries. , Hyatt Corporation, Marriott International Marriott International, Inc. (NYSE: MAR) is a worldwide operator and franchisor of a range of value and luxury hotels and related lodging facilities. Marriott currently has 2,300 accommodation properties in North America alone. , InterContinental Hotels Group, Starwood Hotels, priceline.com and travel technology provider Pegasus Solutions, Inc., Travelweb offers an innovative new method for the online distribution of hotel rooms. For hotel operators, Travelweb automates the distribution of discounted rooms and brings new cost and time efficiencies to the market. Through Travelweb's distribution site, www.travelweb.com consumers have access to a full spectrum of hotel accommodations and rates. About The Blackstone Group: The Blackstone Group, a private investment bank with offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , London and Hamburg, was founded in 1985. The firm has raised a total of approximately $32 billion for alternative asset investing since its formation. The Blackstone Group's six core businesses are Corporate Advisory, Restructuring and Reorganization Advisory, Private Equity Investing, Private Real Estate Investing Real estate investing involves the purchase of real estate for profit. Profits are accumulated slowly by renting out properties in a cashflow method, or are generally improved and resold for a capital gain. , Corporate Debt Investing, and Marketable Alternative Asset Management. www.blackstone.com |
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