Travelport increases stake in payment solutions business
Travelport has increased its ownership stake in eNett International, a payment solutions business for the travel industry.
Since it signed a joint venture for eNett with PSP International in 2009, Travelport has held a majority stake of 57% whilst PSP International held the remainder.
Travelport has now elected to buy an additional 16% from PSP International, raising its holding to 73% in a deal valuing eNett at $450m.
At the same time, PSP International has entered into a long-term agreement with eNett to provide various banking services to the company.
"eNett is a significant element in realising Travelport’s goal to redefine travel commerce, enabling a range of state-of-the-art and innovative alternative payment methods for B2B transactions which represent a considerable global market opportunity," said Travelport president and CEO Gordon Wilson.
"Travelport felt that the time is right to own more of this growing business and this deal provides the opportunity for the two shareholders in eNett to play to their respective strengths."
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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