Worldwide: Travel retail technology company Travelport has secured $570 million in equity financing from existing holders and lenders.
Following the completion of the deal, Travelport will have a new ownership structure composed of existing equity and credit investors, including Elliott Investment Management, Davidson Kempner Capital Management, Canyon Partners, Siris Capital and other institutional investors.
Travelport said the investment will “will give [the company] a robust capital structure, enable further investment into Travelport’s technology platforms and pave the way for other innovations to deliver new and exceptional ways for the travel industry to serve customers”.
Specifically, Travelport highlighted further investment in customer offerings, such as accelerating Travelport+ (its retail platform for travel agencies) and developing a wider range of carrier NDC offerings and the Content Curation Layer.
Greg Webb, CEO of Travelport, said: “This investment demonstrates our investors’ support for Travelport and will advance our mission to reinvent a better future for the travel industry. With this new investment, Travelport will have a strong balance sheet with the least amount of debt amongst its peers, which we believe will put the company in an even better position for long-term, profitable growth. Most importantly, this Transaction will further strengthen our operating business and accelerate our investments in Travelport+ and other initiatives that make us the most innovative and agile partner to all our customers. We thank our investors for their significant vote of confidence in Travelport.”
The transaction is expected to close by the end of the year.
In March this year, Travelport announced that Elliott Investment Management and Siris Capital were investing $200 million into the company to fuel growth. The same month, it acquired the corporate travel management platform Deem.
