Travelport 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.
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. Siris looks forward to partnering with the company’s
management team and Evergreen in this next phase of Travelport’s
evolution and growth as a private company.”
transaction is currently expected to close in the second quarter
of 2019 and is subject to customary closing conditions, including
approval by Travelport shareholders and receipt of required
regulatory approvals. The transaction is not subject to any
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, U.K.
Gordon Wilson, President and CEO of 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.”
Travelport says it can still actively solicit alternative acquisition proposals from third
parties during a "go-shop" period from the date of the agreement
through 23 January 2019. Travelport will then have the right to
terminate the agreement to enter into a superior proposal subject
to the terms and conditions of the agreement.
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