Bulletin: BULLETIN: Cendant Corp.'s Purchase of Gullivers Travel Associates Does Not Affect Ratings

NEW YORK (Standard&Poor's) Dec. 16, 2004--Standard&Poor's Ratings Services said today that its ratings and outlook on Cendant Corporation (BBB/Positive/--) are not affected following the announcement that the company has agreed to acquire privately held, U.K.-based Gullivers Travel Associates, the trading name of Donvand Ltd. and Octopus Travel Group Ltd. (together "Gullivers") for about $1.1 billion in cash. The transaction also includes certain earn out provisions that may be payable to certain shareholders of Gullivers if the company's financial performance for 2005 exceeds current expectations. Gullivers Travel Associates is a leading wholesaler of hotels, destination services, travel packages and group tours, and OctopusTravel.com is a global online provider of lodging and destination services. The transaction is subject

...NEW YORK (Standard & Poor's) Dec. 16, 2004--Standard & Poor's Ratings Services said today that its ratings and outlook on Cendant Corporation (###/Positive/--) are not affected following the announcement that the company has agreed to acquire privately held, U.K.-based Gullivers Travel Associates, the trading name of Donvand Ltd. and Octopus Travel Group Ltd. (together "Gullivers") for about $1.1 billion in cash. The transaction also includes certain earn out provisions that may be payable to certain shareholders of Gullivers if the company's financial performance for 2005 exceeds current expectations. Gullivers Travel Associates is a leading wholesaler of hotels, destination services, travel packages and group tours, and OctopusTravel.com is a global online provider of lodging and destination services. The transaction is subject to certain regulatory filings and is anticipated to close in April 2005. While this transaction closely follows Cendant's $1.05 billion acquisition of Orbitz Inc....

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