Travelport $4.4b takeover

TRAVELPORT Worldwide will be taken private in a buyout worth US$4.4 billion, with the company last night recommending shareholders accept a US$15.75 per share offer.

The travel technology platform announced it had entered into a definitive agreement to be acquired by affiliates of Siris Capital Group and Evergreen Coast Capital Corp in an allcash transaction, with closure expected in the second quarter of 2019.

“Travelport welcomes this proposed transaction with Siris and Evergreen, who are specialist technology platform investors,” said Travelport President and CEO Gordon Wilson.

“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.”

Siris co-founder Frank Baker said he had been impressed by Travelport’s GDS technology.

“Travelport has an impressive track record of developing and bringing to market best-inclass distribution capabilities, technology services, innovative payment solutions and other value-add digital tools for the global travel industry,” Baker said.

The deal is subject to approval by Travelport shareholders and regulators, and would result in the company’s removal from the New York Stock Exchange.