Cleared for departure, Cendant's (NYSE:CD) travel subsidiary has nabbed a buyer. An affiliate of private equity giant Blackstone announced a successful $4.3 billion offer this morning. Having Cendant's Travelport arm on the block isn't really news. The company's master plan to split up the conglomerate into four different entities was publicly altered two months ago, when Cendant announced it was entertaining offers for the travel business that it initially intended to spin off to its shareholders.

In a welcome piece of news that boosted Cendant's stock this morning, the company was able to command an impressively high price for its travel division. Travelport is certainly valuable; from the popular Galileo global distribution system for travel agents and hoteliers to the consumer-driven site, Blackstone is getting a great collection of companies. But the rich deal also comes at a time when most investors have shunned the travel space.

IAC/InterActiveCorp (NASDAQ:IACI) spun off Expedia (NASDAQ:EXPE) last summer, and the leading online travel site has seen its stock grounded in the teens. Badly missing the last two quarters will do that to a freshly minted offering, but shares of Travelocity parent Sabre (NYSE:TSG) and Motley Fool Stock Advisor recommendation Priceline (NASDAQ:PCLN) haven't given shareholders much of a reason to send out postcards.

This will no longer be a concern for Cendant. The Motley Fool Inside Value newsletter service pick will still complete what's left of its plan. It spun off its PHH (NYSE:PHH) mortgage management company last year, and next month, it will complete the spinoffs of its Realogy real estate services and Wyndham resort businesses.

I'm surprised that Cendant hasn't publicly dusted off the bidding block for its other appendages, but at least it was able to unlock the value in one of its puzzle pieces. It will also make its remaining parts more attractive. The $4.3 billion from Blackstone will come in handy, helping to pays down a good chunk of debt at Realogy and Wyndham when the deal closes later this summer.

The deal ultimately proves Cendant's theory correct. The sum of its parts is more valuable than Cendant as a whole. Will the next clunky conglomerate please come on down?

Longtime Fool contributor Rick Munarriz has used Orbitz for travel bookings in the past. He does not own shares in any of the companies mentioned in this story. T he Fool has a disclosure policy. Rick is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early.