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Monday, 17 December, 2018, 12 : 00 PM [IST]

Private equity investors to buyout Travelport for USD 4.4bn

UK-headquartered Travelport Worldwide Limited has entered into a definitive acquisition agreement to be bought over by affiliates of two equity firms, Siris Capital Group, LLC and Evergreen Coast Capital Corp. The approximate value of this deal is USD 4.4 billion in an all-cash transaction which is expected to be completed by the second quarter of 2019. Post the transaction, Travelport will become a privately held company.

Under the terms of the agreement, 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 unanimously approved the agreement and recommended that shareholders vote in favour of the transaction.

Under the terms of the agreement, 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 unanimously approved the agreement and recommended that shareholders vote in favour of the transaction.

The distribution partner in India for Travelport, InterGlobe Technology Quotient (ITQ), sees the new deal as “a positive development” which will pave the way for “new expansion opportunities” for future growth. When contacted for reaction, Anil Parashar, President & CEO, ITQ, said, “The process of Travelport becoming a private entity has just begun and will be completed in a stipulated time frame. With this development, there will be no change as far as the management in India is concerned. However, the entry of private equity investors is a positive development as this will create room for new expansion opportunities. We are hopeful that the new investors will usher in an era of launching new products and devise new goals for a cohesive growth atmosphere.”

The travel technology space has seen tremendous investment traction by equity investors across the globe in recent years. In the Indian context, readers may recall that there have been some key investments and buyouts in the travel technology space. Standard Chartered Private Equity, acquired Naspers’ stake in TBO Group this year in July. In November 2017, B2B travel-tech startup Itilite Technologies Pvt. Ltd raised investment from US-based private equity investment firm Matrix Partners, while in June last year, Mauritius-based Emerging India invested in travel booking platform, Goomo.

 
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