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Travel distribution and technology specialist Travelport has scored a further $570 million in financing from shareholders and lenders.
The capital will enable the company to invest in its technology platforms and “pave the way for other innovations” in the travel industry, according to a statement.
Once the transaction is completed, Travelport’s ownership will consist of existing equity owners and investors, including Elliott Investment Management, Davidson Kempner Capital Management, Canyon Partners, Siris Capital and other institutional investors.
The investment comes on top of $200 million from owners Siris Capital Group and Elliott Management announced in March.
Greg Webb, chief executive 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.”
Recent milestones for Travelport include the acquisition of corporate travel management platform Deem.
The finance transaction is expected to close by the end of the year.
Travelport returned to private ownership in late 2018 following a $4.4 billion takeover by Elliott Management Corp. and others. The company had been listed on the New York Stock Exchange for almost four years and was valued at approximately $1.9 billion when it went public.
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