A group of Travelport’s equity holders and lenders are investing $570 million into the company, which Travelport said will give it “a robust capital structure” and be a source of investment into its technology platforms.
Following that transaction, which Travelport said should close by the end of the year, Travelport will have a new ownership structure, as some current investors convert debt to equity, that will include Elliott Investment Management, Davidson Kempner Capital Management, Canyon Partners and Siris Capital. Travelport’s management team will remain unchanged.
“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,” Travelport CEO Greg Webb said in a statement. “Most importantly, this transaction will further strengthen our operating business and accelerate our investments in Travelport Plus and other initiatives that make us the most innovative and agile partner to all our customers.”
Among the investments planned with the new capital are support for “a wide range” of airline New Distribution Capability content and Travelport’s machine-learning-powered search engine, the Content Curation Layer.
Both Siris Capital Group and Elliott Management, which took the company private in 2019, earlier this year announced a $200 million investment into Travelport.
