Travelport to Be Acquired by Siris and Evergreen for US$4.4 Billion

Travelport to Be Acquired by Siris and Evergreen for US$4.4 Billion

Travelport Worldwide Ltd has entered into a definitive agreement to be acquired by affiliates of Siris Capital Group, LLC and Evergreen Coast Capital Corporation in an all-cash transaction valued at approximately US$4.4 billion. Travelport’s headquarters will remain in Langley, England, and it is “business as usual at Travelport”.

Riona McGrath, Country Manager Ireland, Travelport, said: “This is very exciting news for Travelport! For now, it is very much business as usual as we continue to focus on our commitment and dedication to the market. As we move into 2019, there will be no immediate change in terms of our approach and execution, and of course, our commitment to our customers.”

Riona McGrath, Country Manager Ireland, Travelport

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 favour of the transaction. Elliott and its affiliates have agreed to vote the common shares owned by them in favour of the transaction.

Doug Steenland, Chairman of the Board of Directors, 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 Chief Executive, Travelport, added: “Travelport welcomes this proposed transaction with Siris and Evergreen, who are specialist technology platform investors.

“First and foremost, it is very much business as usual at Travelport. There are no immediate changes in terms of our priorities nor how we operate the business as a result of this announcement. Customers should expect the same high level of service to which they have grown accustomed.

“Second, Siris and Elliott are specialist technology platform investors. Throughout the process they have demonstrated their deep technology expertise together with a strong commitment to the success of our customers, employees and partners. Travelport will continue driving technological innovation and serving the evolving global travel market under private ownership.

“Third, while we announced the deal today, we expect the transaction to close in the second quarter of 2019, subject to customary closing conditions. At this point, Travelport would become a privately held company and delisted from the New York Stock Exchange.

“There is a great deal of momentum in Travelport, both in our delivery of new and exciting product capabilities and our geographical growth. We remain focused on delivering our commitments to you, continuing to onboard our new customers and developing new products and technologies.

“Thank you for your ongoing support and the business we do together. Please do not hesitate to reach out to your key contact at Travelport or indeed myself or any member of my executive team if you have any questions or queries. As ever, we continue to focus on building technology for you to make the experience of buying and managing travel continually better.”

On 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, England.

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *


NEIL STEEDMAN has been a trade journalist, copywriter, editor and proofreader for 52 years, and News & Features Editor for ‘Irish Travel Trade News’ for the past 42 years.

More in News

TUI Group Reports €1.1bn Loss as Bookings Transfer to 2021

Neil SteedmanAugust 13, 2020

3,000 Redundancies in Ireland’s 3,500 Travel Agent Workforce “in Weeks”

Neil SteedmanAugust 11, 2020

Travel Agents Highly Critical of Government’s Green List and July Jobs Stimulus

Neil SteedmanAugust 11, 2020

Canary Islands Introduce Travel Assistance Policy to Cover Visitors for Covid-19 Expenses

Neil SteedmanAugust 11, 2020

Visit Portugal Launches Covid-19 Insurance for Travellers

Neil SteedmanAugust 11, 2020

Travellers using Dubai hub need to carry a negative COVID-19 test document

Michael FloodAugust 11, 2020

Silversea enhances online marketing toolkit for travel advisors

Michael FloodAugust 11, 2020

Virgin Atlantic Airlines files for bankruptcy in New York

Michael FloodAugust 11, 2020

Royal Caribbean Group extends suspension of sailings

Michael FloodAugust 11, 2020

Copyright © 2019 Belgrave Group Limited, C4 Nutgrove Office Park, Nutgrove Avenue, Rathfarnham, Dublin 14, Ireland