Travelport has entered into a definitive agreement to be acquired by affiliates of Siris Capital Group and Evergreen Coast Capital in an all-cash transaction valued at approximately $4.4 billion. Under 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 — 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.”
Frank Baker, Co-Founder, Siris Capital, added, “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-added 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.”
Travelport may actively solicit alternative acquisition proposals from third parties during a “go-shop” period from the date of the agreement through January 23, 2019. The company will have the right to terminate the agreement to enter into a superior proposal subject to the terms and conditions of the agreement. There is no assurance that this process will result in a superior proposal. The proposed 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.
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.