Travelport is going private, thanks to a $6 billion buyout from Siris Capital Group and Evergreen Coast Corp.
The e-commerce platform, which trades in air, hotel and other travel content, was valued at around $1.9 before the deal was made and is roughly $2 billion in debt, according to Skift.
The deal is expected to close in the second quarter of 2019 and other companies will be allowed to make counter offers in the interim.
Under the terms of the agreement, Siris and Elliott will acquire all the outstanding common shares of Travelport for $15.75 per share in cash.
The Board of Directors of Travelport unanimously approved the agreement and recommended that shareholders vote in favour of the transaction. Elliott and its affiliates have agreed to vote the common shares owned by them in favour of the transaction.
“It also enables the company to continue its work to position itself for growth in the evolving global travel industry,” Travelport chairman Doug Steenland said of the acquisition.
Travelport CEO, Gordon Wilson said the company welcomes the proposed transaction with Siris and Evergreen, who are specialist technology investors.
“We will continue to develop and invest in our platform to serve the changing needs of our customers in the travel industry,” he said.
“It is very much business as usual at Travelport and we look forward to this new era in the company’s development.”
Upon the completion of the transaction, Travelport will become a privately held company and Travelport common shares will no longer be listed on any public market. Travelport’s headquarters will remain in Langley, U.K.