Worldspan president and CEO Paul Blackney will leave the company if the proposed deal to sell it goes through, which he expects in mid-2003
(BTN, March 10). In an announcement today, the longtime GDS executive said he plans to become a special advisor to Worldspan and take a seat on the company's board of directors. Blackney and his wife plan to travel and deepen their commitment to charity work.
Though he expects the acquisition to go through as planned, Blackney acknowledged that a bankruptcy at American Airlines, which owns 26 percent of the Atlanta GDS company, could have an impact. "Obviously, in a bankruptcy, the judge is looking for the maximum amount of money they can get for the creditors," he said today. "I'd assume the sale would be a positive event." Blackney would not comment on speculation about a war's effect on Worldspan's valuation. He also did not share whether his replacement, to be announced soon by the proposed new owners, would come from within the company.
The proposed purchase of Worldspan by Travel Transaction Processing Corp., an entity formed by Citigroup Venture Capital Equity Partners and the private equity arm of Toronto's Ontario Teachers' Pension Plan, is subject to financing and regulatory approval.
While Blackney works to help secure financing for the deal, today's statement said he also is "working closely with the buyers on transition plans and post-closing strategic and operating plans."
Blackney was recognized by
Business Travel News as one of the most influential executives in business travel for the year 2002.