A consortium that includes Siris Capital Group and Elliott Management are in late-stage talks to acquire Travelport, Reuters reported Thursday, citing unnamed sources.
In the run-up to Travelport's agreement last month to go private with Siris Capital Group and Evergreen Coast Capital, 10 different "financial sponsors" and five "strategic parties" emerged as potential suitors for the global distribution system operator or its assets.
Publicly traded global distribution system operator Travelport has agreed to be taken private by Siris Capital Group and Evergreen Coast Capital, which plan to buy outstanding common shares for $15.75 each and assume Travelport's debt in a deal valued at $4.4 billion, the company announced Monday.
Entities affiliated with activist investor Paul Singer have accumulated nearly a 12 percent position in global distribution system operator Travelport, and plan to urge a strategic review of the company and explore a potential sale of Travelport or its assets, according to a U.S. Securities and Exchange Commission disclosure filed Monday.
Following prepared remarks from executives on Travelport's first-quarter earnings call Thursday, CEO Gordon Wilson preempted questions on the stake that entities affiliated with activist investor Paul Singer took in the company. That investment was revealed in late March.
In what is likely to be its final publicly filed earnings statement before it goes private, Travelport reported a 4 percent year-over-year decline in worldwide global distribution system segments and a modest rise in net revenue and earnings for the three months ending Dec. 31, 2018.
As most of you know I was intimately involved with this year's PhoCusWright Travel Innovation Summit. I have been tracking both new media and traditional coverage of this event. I wanted to provide you some feedback from the inside as well as some comments on the overall subject of innovation.