Sabre bought for $5 billion
Lastminute.com and Travelocity parent Sabre Holdings has confirmed its purchase by private equity groups Silver Lake Partners and Texas Pacific Group (TPG), as predicted earlier today.
The $5 billion deal includes the assumption of approximately $550 million in net debt.
Sabre Holdings does not expect changes to its current executive management team, and the company said its corporate headquarters will remain in Southlake.
The deal comes just a week after the purchase of Worldspan by Galileo parent Travelport.
“After a thorough assessment, we concluded that this transaction represents a compelling outcome for our shareholders, customers and employees,” said
Sam Gilliland, chairman and CEO of Sabre Holdings, said: “We are excited about the ability to deliver substantial value today to our shareholders, and we look forward to a strong future, partnering with two preeminent investment firms that are closely aligned with our strategy and long-term objectives.
“This transaction is a clear endorsement of our business model, our industry leadership and the hard work and dedication of our talented people around the world.”
Greg Mondre, a managing director of Silver Lake Partners, said: “Sabre has a remarkable track record of pioneering and delivering best-in-class technology solutions for the global travel industry. We look forward to working with Sabre’s talented management team as they continue to deploy technology as a source of competitive advantage and value-add for customers.”
TPG partner Karl Peterson added: “We are excited by the opportunity to invest in Sabre given its leadership position in travel technology and distribution and the strength of Travelocity and its other leading online brands.
“Sabre is well positioned to continue innovating and we look forward to helping management profitably build upon this strong franchise.”
Phil Davies
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