Orbitz Worldwide Announces Sale of Portion of PAR Capital Management's Orbitz Worldwide Holdings
CHICAGO, Aug. 13, 2013 - Orbitz Worldwide (NYSE: OWW) today announced that PAR Capital Management has sold 8.1 million of its 24.6 million shares of Orbitz Worldwide stock. PAR has been an equity investor in Orbitz since 2007 and subsequently acquired additional shares in November 2009 in a debt for equity exchange. After this sale, PAR will remain one of the largest investors in Orbitz Worldwide, and Orbitz Worldwide will remain one of the largest positions in PAR's investment portfolio.
"Orbitz Worldwide has created exceptional value for its shareholders since 2009 when new management was brought in to turn around the business. We have tremendous respect for the progress that CEO Barney Harford and his team have achieved and we remain optimistic about the company's future. We are especially excited about the accelerating growth that we are seeing in the company's hotel business," said Paul Reeder, President of PAR Capital Management. "However, at this juncture, it is prudent for us to liquidate a portion of our investment in order to better diversify our portfolio."
"We recognize that as our share price has appreciated, the significance of Orbitz Worldwide holdings within an investor's portfolio may have increased, and that, as a result, some investors may want or need to diversify their portfolios," said Barney Harford, CEO of Orbitz Worldwide. "One of our largest investors both before and after this sale, PAR has played an important role in helping guide our strategic direction. We look forward to continuing to work with Paul Reeder and the PAR team going forward."
About Orbitz Worldwide
Orbitz Worldwide (NYSE: OWW) is a leading global online travel company that uses innovative technology to enable leisure and business travelers to search for, plan and book a broad range of travel products and services including airline tickets, hotels, car rentals, cruises, and vacation packages. Orbitz Worldwide owns a portfolio of consumer brands that includes Orbitz (www.orbitz.com), CheapTickets (www.cheaptickets.com), ebookers (www.ebookers.com) and HotelClub (www.hotelclub.com). Also within the Orbitz Worldwide family, Orbitz Partner Network (www.orbitz.com/OPN) delivers private label travel solutions to a broad range of partners including many of the world's largest airlines, and Orbitz for Business (www.orbitzforbusiness.com) delivers managed travel solutions for corporations.
Orbitz Worldwide uses its Investor Relations website to make information available to its investors and the public at investors.orbitz.com. The public can sign up to receive email alerts whenever the company posts new information to the website.
About PAR Capital Management
PAR Capital Management, Inc. is an investment management firm that manages a private investment fund for high net worth individuals, family offices, foundations and other private investors. PAR was founded in 1990 and is based on Boston, Massachusetts.
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Source: Orbitz Worldwide Inc. – PR via Thomson Reuters ONE
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