Cendant Corporation Completes Acquisition Of Gullivers Travel Associates And Octopustravel.com

NEW YORK (Friday, April 01, 2005) - Cendant Corporation (NYSE: CD) today announced that it has completed the acquisition of privately held, UK-based Gullivers Travel Associates, the trading name of Donvand Ltd., Travel Bound, Inc. and Octopus Travel Group Ltd. (together: "Gullivers"). Gullivers is a leading wholesaler and global online provider of hotels, destination services, travel packages and group tours.


"Our acquisition of Gullivers positions Cendant as a leading global travel intermediary," said Samuel L. Katz, chairman and CEO of Cendant’s Travel Distribution Services Division. "Over time, we expect the acquisition to provide considerable cross-selling opportunities in our customer channels and facilitate our growth strategies in China and Japan."

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