Skadden Arps Slate Meagher & Flom has taken the lead role on one of the largest initial public offerings (IPO) for almost two years.

A team from Skadden advised online travel booking company Travelport on its hotly anticipated flotation, which values the company at around £1.8bn.

Travelport is aiming raise approximately £1.2bn through a share issue to pay down debt taken on by parent company The Blackstone Group. The deal also includes an advance $225m (£138m) investment by the Government of Singapore Investment Corporation (GIC) in return for a 7.19% stake in the business.

The listing is the largest since Mexican silver producer Fresnillo's London Stock Exchange IPO in April 2008.

London-based capital markets partner Danny Tricot led the Skadden team advising Travelport, while Linklaters advised the banks – UBS, Goldman Sachs, Barclays Capital, Citigroup, Credit Suisse and Deutsche Bank – with capital markets partner Brigid Rentoul heading up the magic circle firm's team.

Kirkland & Ellis advised Travelport on GIC's investment with a team comprising New York corporate partners David Fox and Daniel Wolf and London corporate partner Matthew Dean.

GIC turned to Lovells for advice with corporate finance partner Richard Ufland leading a team out of London.

Blackstone – the majority owner of Travelport prior to the deal – will retain a stake in the company. The buyout giant bought Travelport for $4.3bn (£2.6bn) in 2006, a deal which handed a role to regular adviser Simpson Thacher & Bartlett.