Travelport is set to be acquired by affiliates of Siris Capital Group and Evergreen Coast Capital Corp. It is going to be an all-cash transaction, pegged at approximately 4.4 billion USD. Elliott Management Corporation handles Evergreen as its private equity affiliate.
As per the understanding, Siris and Evergreen will acquire all the outstanding common shares of Travelport for USD 15.75 per share in cash.
The Board of Directors of Travelport have unanimously approved the agreement and recommended shareholders to vote in favour of the transaction.
Commenting on the development, Frank Baker, Co-Founder of Siris Capital said, “Travelport has 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. At the same time, Travelport is redefining the travel payments industry through eNett, a disruptive and fast-growing leader in secure, virtual travel payments.”
The proposed transaction is likely to be sealed by the end of the Q2 of 2019 and is subject to customary closing conditions, including approval by Travelport shareholders. Once the transaction is penned, Travelport will become a privately held company and their common shares will cease to exist on any public market.
Gordon Wilson, President and CEO, Travelport said, “Travelport welcomes this proposed transaction with Siris and Evergreen, who are specialist technology platform investors. 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. It is very much business as usual at Travelport and we look forward to this new era in the company’s development.”