Cendant Corporation (NYSE: CD) today announced the completion of its previously announced acquisition of European online travel provider, ebookers plc, for approximately �190 million (approximately $350 million), net of cash acquired. The ebookers acquisition is another step in Cendant’s strategic realignment plan to focus on the Company’s core travel and real estate verticals by using proceeds from the sale of non-core assets to reinvest in a core business. "We are excited about adding ebookers to our portfolio of online travel companies and the expanded presence it will provide us in Europe," said Samuel L. Katz, chairman and CEO, Cendant Travel Distribution Services Division. "Together with Orbitz and the pending Gullivers acquisition, which is expected to close in April 2005, our purchase of ebookers positions Cendant as a worldwide leader in the fast-growing online travel intermediary space." About ebookers UK-based ebookers has approximately 1,800 employees and is primarily an online travel company that offers a wide range of discount and standard price travel products including airfares, hotels, rental cars, cruises and travel insurance. About Cendant Travel Distribution Services Cendant's Travel Distribution Services Division is one of the world's largest and most geographically diverse collections of travel brands and distribution businesses. The division, employing nearly 5,000 people in more than 116 countries, includes: Galileo, a leading global distribution system (GDS), serving more than 44,000 travel agencies and over 60,000 hotels; hotel distribution and services businesses (TRUST, THOR, WizCom and Neat Group); leading online travel agencies (Orbitz.com, CheapTickets.com, ebookers, Lodging.com, HotelClub.com and RatesToGo.com); Shepherd Systems, an airline market intelligence company; Travelwire, an international travel technology and software company; Travel 2/Travel 4, a leading international provider of long-haul air travel and travel product consolidator; and corporate travel solutions, Travelport and Orbitz for Business. About Cendant Corporation Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 80,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries. More information about Cendant, its companies, brands and current SEC filings may be obtained by visiting the Company's Web site at http://www.cendant.com. Statements about future results made in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. The Company cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Cendant’s Annual Report on Form 10-K for the period ended December 31, 2004. Such forward-looking statements include projections. Such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the Securities and Exchange Commission regarding projections and forecasts, nor have such projections been audited, examined or otherwise reviewed by independent auditors of Cendant or its affiliates. In addition, such projections are based upon many estimates and are inherently subject to significant economic, competitive and other uncertainties and contingencies, including but not limited to the impact of war or terrorism, which are beyond the control of management of Cendant and its affiliates. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by Cendant or its affiliates that the projections will prove to be correct.
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