A majority of Travelport shareholders Friday gave the requisite go-ahead to the publicly traded company's proposed acquisition by a private equity partnership.
A consortium that includes Siris Capital Group and Elliott Management are in late-stage talks to acquire Travelport, Reuters reported Thursday, citing unnamed sources.
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.
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.
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.
In August 2016, private equity firm Inflexion invested in London-based travel management company Reed & Mackay to drive organic growth, fund acquisitions and expand internationally. In the months that followed, the TMC made good on a couple of agency deals, including the acquisition of Chicago's Gray's Travel Management, and has more in the pipeline. Reed & Mackay also recently repositioned its network of international TMC partners and plans closer cooperation with them.
Private equity firm Silver Oak Services Partners sold its equity stake in Direct Travel to Boston-based Abry Partners last month. The transaction came roughly four years after Silver Oak took ownership of Direct Travel and backed an aggressive travel agency roll-up, led by Direct Travel CEO Ed Adams.
Direct Travel has joined with Anglo-Dutch travel management company ATPI Group to form Direct ATPI Global Travel, a jointly held company that will focus on multinational midmarket corporate clients, the companies announced Tuesday.