Business Services Industry
Orbitz sale, fare increase to help Continental Airlines.
Knight Ridder/Tribune Business News, October, 2004
By Bill Hensel Jr., Houston Chronicle Knight Ridder/Tribune Business News
Oct. 2--The sale of travel Web site Orbitz could funnel almost $100 million in much-needed cash to Continental Airlines.
Cendant, the travel and real estate company, said this week it will buy travel Web site Orbitz for about $1.25 billion, paying $27.50 per share.
That means Houston-based Continental, one of the founders and owner of 3.6 million shares, will realize about $99 million from the sale.
Orbitz was founded in 2000 by the nation's top five airlines, which along with Continental are American, United, Delta and Northwest.
The cash should at least soften the blow of what analysts say will be another losing period when carriers announce...
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