Travel technology firm Travelport Worldwide Limited has announced it will be acquired by two companies for around US$4.4 billion (AU$6.1 billion) in an all-cash transaction.
Under the terms of the deal, the two purchasers - affiliates of Siris Capital Group and Evergreen Coast Capital Corp - will buy the remaining common shares of Travelport in cash, after which time dividends will no longer be listed on any public market.
With the proposed transaction expected to be completed in the second quarter of 2019, Travelport will become a privately held company. The GDS giant will remain headquartered in Langley, UK.
“Travelport welcomes this proposed transaction with Siris and Evergreen, who are specialist technology platform investors,” Travelport president and CEO Gordon Wilson remarked.
“Throughout the process, Siris and Evergreen have demonstrated their deep technology expertise together with a strong commitment to the success of our customers, employees and partners.
“We will continue to develop and invest in our platform to serve the changing needs of our customers in the travel industry.”
Siris Capital co-founder Frank Baker said Travelport had “an impressive track record of developing and bringing to market best-in-class distribution capabilities, technology services, innovative payment solutions and other value-add digital tools for the global travel industry”.
“We have been impressed by the company’s industry-leading GDS technology platform, which supports mission-critical transactions for both travel providers and agents,” he added.
“At the same time, Travelport is redefining the travel payments industry through eNett, a disruptive and fast-growing leader in secure, virtual travel payments.”
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