LANGLEY, U.K., May 30, 2019
/PRNewswire/ -- Travelport Worldwide Limited (NYSE:
TVPT) ("Travelport" or the "Company"), a leading travel
technology company, announced today the completion of its
acquisition by affiliates of Siris Capital Group, LLC ("Siris") and
Evergreen Coast Capital Corp. ("Evergreen") in an all-cash
transaction valued at approximately $4.4
billion.
The transaction, which was originally announced on December 10, 2018, was approved by Travelport's
shareholders on March 15, 2019.
In connection with the closing of the transaction, the Company,
which will continue to operate as Travelport Worldwide Limited,
will be wholly owned by affiliates of Siris and Evergreen, and
Travelport's common shares will be delisted from the New York Stock
Exchange.
The Board of Directors of the new Travelport operating company
will be led by Executive Chairman John
Swainson, a Siris executive partner and a former executive
at IBM Corporation, CA, Inc. (formerly Computer Associates) and the
Dell Software group.
Commenting on the transaction closing, John Swainson said: "Through its best-in-class
distribution capabilities, technology services, innovative payment
solutions, and other value-additive digital tools for the global
travel industry, Travelport is well positioned to deploy its global
scale and local expertise to deliver key solutions for travel
suppliers and agencies. With the combined support of Siris and
Evergreen, I look forward to partnering with management to drive
new opportunities for innovation and growth."
Gordon Wilson, President and CEO
of Travelport, commented: "We have commenced building a great
relationship with the Siris and Evergreen teams. We now look
forward to working closely alongside them as we continue to develop
and invest in our platform to serve the evolving needs of our
customers. We are confident that Siris' and Evergreen's
support will enable Travelport to execute on its strategy in an
exciting new phase of innovation and industry leadership."
About Travelport (www.travelport.com)
Travelport is the technology company which makes the experience
of buying and managing travel continually better. It operates
a travel commerce platform providing distribution, technology,
payment and other solutions for the global travel and tourism
industry. The company facilitates travel commerce by
connecting the world's leading travel providers with online and
offline travel buyers in a proprietary business-to-business
(B2B) travel platform.
Travelport has a leading position in airline merchandising,
hotel content and distribution, car rental, mobile commerce and B2B
payment solutions. The company also provides IT services to
airlines, such as shopping, ticketing, departure control and other
solutions. With net revenue of over $2.5 billion in 2018, Travelport is headquartered
in Langley, U.K., has over 3,700 employees and is represented in
approximately 180 countries and territories.
About Siris
Siris Capital is a leading private equity firm focused on making
control investments in data, telecommunications, technology and
technology-enabled business service companies in North America. Integral to Siris' investment
approach is its partnership with exceptional senior operating
executives, or executive partners, who work with Siris on a
consulting basis to identify, validate and operate investment
opportunities. Their significant involvement allows Siris to
partner with management to add value both operationally and
strategically. To learn more, visit us at www.siriscapital.com.
About Elliott and Evergreen
Elliott Management Corporation manages two multi-strategy
investment funds which combined have more than $34 billion of assets under management. Its
flagship fund, Elliott Associates, L.P., was founded in 1977,
making it one of the oldest funds of its kind under continuous
management. The Elliott funds' investors include pension plans,
sovereign wealth funds, endowments, foundations, funds-of-funds,
high net worth individuals and families, and employees of the firm.
This investment has been led by Evergreen Coast Capital, Elliott's
Menlo Park affiliate, which focuses
on technology investing.
Travelport Media Contact:
Julian Eccles
VP PR and Communications
Tel: +44 (0) 7720 409374
julian.eccles@travelport.com
Anna Davies
Head of Global Communications
Tel: +44 (0) 7787 501908
anna.davies@travelport.com
Travelport Investor Relations contact:
Peter Russell
Head of Treasury and Investor Relations
Tel: +44 (0)1753 288 248
peter.russell@travelport.com
Siris:
Dana Gorman
Managing Director, Abernathy
MacGregor
Tel: +1 212 371 5999
dtg@abmac.com
Blair Hennessy
Senior Vice President, Abernathy
MacGregor
Tel: +1 212 371 5999
bth@abmac.com
Elliott/Evergreen:
Stephen
Spruiell
Tel: +1 212 478 2017
sspruiell@elliottmgmt.com
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SOURCE Travelport Worldwide Limited