Global Distribution Systems (GDS)

In the last years the industry has changed dramatically:

BC Partners and Cinven acquire Amadeus
In Jul 2005 Amadeus shareholders Lufthansa, Air France and Iberia sold their Amadeus shares to the Britsh private equity firms BC Partners and Cinven. The deal was worth EUR 4.3 billion (press release).

Blackstone Group completes acquisition of Travelport, a subsidiary of Cendant.
In Aug 2006 the Blackstone Group acquired Travelport for USD 4.3 billion in cash (press release, comment). Travelport was Cendant's travel distribution business. Its main assets are (i) Galileo, one of only four leading global travel distribution systems, (ii) Orbitz / Cheaptickets, online travel agents, and (iii) Gullivers Travel Associates, a travel wholesaler.

Travelport Ltd. acquires Worldspan
In Dec 2006 Travelport acquired Worldspan for USD 1.4 billion in cash (press release, comment).

Sabre Holdings are completely owned by private equity firms
In Mar 2007 Sabre Holdings announced the completion of the acquisition of the company by affiliates of Silver Lake and TPG (press release). Sabre was acquired for USD 5.3 billion in a public-to-private, leveraged buyout transaction.

Pegasus Solutions acquires Wizcom Inc.
In Apr 2007 Pegasus Solutions, a provider of technology and services to hotels and travel distributors, announced that it has acquired its long time competitor Wizcom Inc. (press release). The seller is Travelport Holdings Ltd., which is owned by The Blackstone Group. This acquisition brings two major reservations "switches" together and makes Pegasus the sole provider of switch services in hotel distribution. In 2005 Pegasus was acquired in a USD 275 million public-to-private buyout by Prides Capital, Tudor Investment Corp. and Belfer Management (press release).

Source: Amadeus Press Kit Q4 2006 (bookings in millions)