connect with us
Greece's latest tourism industry news by Greek Travel Pages (gtp)

Travelport Signs Take-over Agreement for $4.4 Billion

Siris Capital Group and Evergreen Coast Capital Corp (private equity affiliate of Elliott Management Corporation) are set to take over travel services provider Travelport for a total of 4.4 billion dollars.

According to an announcement by Travelport this week, the deal is expected to close in the second quarter of 2019.

Under the terms of the all-cash agreement, Siris and Evergreen will acquire all the outstanding common shares of Travelport for 15.75 dollars per share.

“This is a good outcome for Travelport’s shareholders. Assisted by external advisers, the board concluded unanimously, after taking into account the ongoing development needs of the business, that entering into this agreement represents the best way to maximize value for shareholders. It also enables the company to continue its work to position itself for growth in the evolving global travel industry,” said Doug Steenland, chairman of Travelport Board of Directors.

Travelport’s board unanimously approved the agreement, recommending that shareholders vote in favour of the transaction.

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

The deal ends Travelport’s nearly four-year presence on the public markets. Once the transaction is completed, Travelport will become a privately held company and its common shares will no longer be listed on any public market. Company headquarters will remain in Langley, UK.

“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,” said Frank Baker, cofounder of Siris Capital.

The company is expected to enter a “Go-shop” period until January 23, 2019, during which it can consider other bids ahead of the original deal’s closing date.

Private equity firm Siris Capital is active in making control investments in data, telecommunications, technology and technology-enabled business service companies in North America.

Elliott Management Corporation manages two multi-strategy investment funds which combined have approximately 35 billion dollars of assets under management.

Follow GTP Headlines on Google News to keep up to date with all the latest on tourism and travel in Greece.
About the Author
This is the team byline for GTP. The copyrights for these articles are owned by GTP. They may not be redistributed without the permission of the owner.

Add your comment