Orbitz Worldwide Inc. – PR : 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, andvacation 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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