Travelport has appointed investment banker UBS to look at prospects of an initial public offering of its consumer-facing brand Orbitz, according to reports.

Travelport would sell one-third of Orbitz's equity and list the stock on New York or London exchanges in the second quarter of 2007.

Travelport, which was formed last year when Cendant split into four separate companies, recently agreed to buy Worldspan for $1.4 billion.

Cendant originally paid $1.25 billion for Orbitz in November 2004, at which time the travel Web site was controlled by an alliance of its founding airlines.