Cendant

(CD)

, the travel-services and real estate firm that's remaking itself, reached a deal to sell its Travelport division to an affiliate of Blackstone Group.

The New York-based company said it should close the roughly $4.3 billion sale in August. Cendant had previously said that proceeds from the sale of Travelport would be primarily used to reduce the debt of its Realogy and Wyndham units.

At the same time, Cendant said it now expects to simultaneously spin off Realogy and Wyndham in late July. Cendant had said earlier this year it would split into four parts, with the parent company changing its name to Avis Budget, reflecting its car-rental operations. The other three segments would then be sold or spun off to shareholders.

Travelport offers a range of business and consumer services, including distribution technology, travel packaging and retail sales. Among its operations is the travel-booking Web site Orbitz. Blackstone Group is a private investment and advisory firm.

Shares of Cendant were gaining 59 cents, or 3.7%, to $16.36 Friday.