Travelport Raises $570 Million and Adds New Owners

Travelport said Monday that it has raised $570 million in new equity from investors. 

Travelport said the deal creates a “new ownership structure” to include Elliott Investment Management, Davidson Kempner Capital Management, Canyon Partners, Siris Capital and other institutional investors. 

The company said in March that it had received a $200 million investment from its owners, which it referenced at that time as Siris Capital Group and Elliott Management.

The company did not immediately respond with additional information about the new ownership structure.

Travelport is a global distribution system, acting as an intermediary between airlines and travel sellers. It is a private company, unlike its larger competitors, Amadeus and Sabre. Travelport became a private company in a $4.4 billion deal in 2019.

The UK-based company said the fundraise will “significantly deleverage and strengthen” the balance sheet and will enable the company to invest in advancing its technology platforms. 

“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,” said Greg Webb, CEO of Travelport, in a statement.

The transaction is expected to close by the end of the year, subject to approvals. 

Travelport had secured $500 million in debt from its private equity owners during the worst part of the pandemic, which Webb previously said carried the company through and allowed it to invest in modernizing its systems. 

Travelport earlier this year acquired the corporate travel management platform Deem and has migrated over 85% of its travel agency clients to Travelport+, the upgraded version of the software that the agents use for selling to customers.