Sabre reveals mounting losses as it prepares to sell shares
After seven years as a private company, the GDS Sabre has filed its long-awaited registration statement with U. Securities and Exchange Commission for an initial public offering.
The company, which is owned by Texas Pacific Group and Silver Lake Partners, did not reveal the number of shares it intends to sell or the price range for the proposed offering.
But it has said money raised will be used to pay off debt and for "general corporate purposes". The company, which owns lastminute.com parent Travelocity, made a net loss of $127 million in the first nine months of 2013, 18% higher than in the same period of the previous year.
In the nine months to September 30, 57% of its revenue came from its GDS business while airline/hospitality solutions and Travelocity contributed almost 22% each.
Sabre claimed its global distribution system in 2012 handled over 50% of the GDS air bookings combined from American Express, BCD Travel, Carlson Wagonlit Travel and Hogg Robinson Group, and 37% of total global GDS air bookings.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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