Travelport secures $570M investment for growth and innovation

Monday, December 4, 2023

Travelport Worldwide Limited, a prominent global technology firm facilitating travel bookings for numerous travel suppliers worldwide, has recently disclosed a substantial infusion of $570 million in new equity financing. The investment, orchestrated by a consortium of existing equity holders and lenders, is geared towards fortifying Travelport’s capital structure. This strategic move is poised to fuel further advancements in Travelport’s cutting-edge technology platforms, fostering innovation in the travel industry to better serve customers.

The capital injection is part of a comprehensive agreement designed to significantly reduce leverage and enhance the company’s financial standing—a transaction that will reshape Travelport’s ownership structure. Post-transaction, the company’s ownership will comprise existing equity and credit investors, including notable entities such as Elliott Investment Management, Davidson Kempner Capital Management, Canyon Partners, Siris Capital, and other prominent institutional investors. This reconfigured ownership sets the stage for continued strategic guidance and support from these investors for Travelport’s management.

Greg Webb, the Chief Executive Officer of Travelport, expressed gratitude for the investors’ support and emphasized that the infusion will propel the company’s mission to revolutionize the future of the travel industry. The move is expected to yield a robust balance sheet, positioning Travelport favorably with minimal debt compared to industry peers. Webb anticipates that this strengthened financial foundation will facilitate long-term, profitable growth for the company. The transaction is also anticipated to reinforce Travelport’s operational capabilities and expedite investments in key initiatives, notably the advancement of Travelport+ and other innovations aimed at solidifying the company’s standing as an innovative and agile partner to its diverse customer base.

In the past year, Travelport has undertaken several strategic investments and initiatives to enhance its technology, products, and services. These include the acquisition of Deem, a leading corporate travel management platform, and the successful migration of over 85% of the company’s agency customers to Travelport+. The latest transaction is expected to further propel investment in customer offerings, particularly in advancing developments within Travelport+, such as support for a wide array of carrier NDC offerings and the Content Curation Layer—an innovative, machine-learning-powered search engine that standardizes and personalizes all forms of travel content.

The successful completion of the transaction is contingent on obtaining requisite consents and meeting customary closing conditions, with the expected closure anticipated by the end of the year.

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