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‘Business as usual’ as Travelport is sold
Travelport Worldwide Limited has entered into a definitive agreement to be acquired by affiliates of Siris Capital Group and Evergreen Coast Capital Corp in an all-cash transaction valued at approximately $4.4 billion.
Evergreen is the private equity affiliate of Elliott Management Corporation.
Under the terms of the agreement, Siris and Evergreen will acquire all the outstanding common shares of Travelport for $15.75 per share in cash.
The Board of Directors of Travelport unanimously approved the agreement and recommended that shareholders vote in favor of the transaction.
Elliott and its affiliates have agreed to vote the common shares owned by them in favor of the transaction.
Doug Steenland, chairman of the Board of Directors of Travelport, said: "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 maximise value for shareholders. It also enables the company to continue its work to position itself for growth in the evolving global travel industry."
Gordon Wilson, president and CEO of Travelport, commented: "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."
Upon the completion of the transaction, Travelport will become a privately held company and Travelport common shares will no longer be listed on any public market.
Travelport’s headquarters will remain in Langley, in the UK.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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