Investment Allows Travelport to Continue to Exceed the Expectations of Customers and Invest in Industry Leading Technology and its Next-Generation Platform
Travelport Receives Access to Up to $1 Billion of Financing
LANGLEY, U.K., June 5, 2020 – Travelport Worldwide Limited ("Travelport" or the "Company"), a leading travel technology company, today announced that it has received commitments for $500 million in financing from affiliates of existing owners, Siris Capital Group, LLC ("Siris") and Evergreen Coast Capital Corp. ("Evergreen"), the private equity affiliate of Elliott Management Corporation ("Elliott"), and an additional $500 million of available financing capacity. The investment provides Travelport with the liquidity needed to continue to exceed the expectations of its customers despite the impact of the COVID-19 pandemic. It also allows the Company to continue to invest in its industry-leading technology and next-generation platform to ensure it is positioned for growth as travel returns.
“COVID-19 and the governmental response to the pandemic has had a negative impact on the travel industry, including our business, and we appreciate the increased support from Siris and Evergreen as we work to get through this challenging time,” said Greg Webb, CEO of Travelport. “Their unwavering commitment and new capital ensure that we can continue to meet the needs of our customers, support our employees and take steps to emerge from this global health crisis in a strong position. With the support of our investment partners, we are confident in the long-term viability of our business and we remain committed to continued technology investments and our transition to a next-generation platform.”
Frank Baker, Co-Founder & Managing Partner of Siris Capital, commented: “Siris is committed to Travelport’s future success and growth, and our priority is maintaining the company’s position as the industry partner of choice. We remain optimistic about the future trajectory of the business as the Company takes steps to increase its resiliency and emerge from the current crisis.”
About Travelport (www.travelport.com)
Travelport is the technology company which makes the experience of buying and managing travel continually better. It operates a travel commerce platform providing distribution, technology, travel payment and other solutions for the global travel and tourism industry. The company facilitates travel commerce by connecting the world's leading travel providers with online and offline travel buyers in a proprietary business-to-business (B2B) travel platform.
Travelport has a leading position in airline merchandising, hotel content and distribution, car rental, mobile commerce and B2B payment solutions. The company also provides IT services to airlines, such as shopping, ticketing, departure control and other solutions.
Siris is a leading private equity firm that invests primarily in technology and telecommunications companies with mission critical products and services. Its investment approach is based on a combination of proprietary research and extensive collaboration with senior operating executives, who actively participate in key aspects of the transaction lifecycle to help drive strategic and operational value. Siris is based in New York and Silicon Valley and has raised nearly $6 billion in cumulative capital commitments. www.siris.com
About Elliott and Evergreen
Elliott Management Corporation manages two multi-strategy investment funds which combined have more than $40 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. This investment has been led by Evergreen Coast Capital, Elliott’s Menlo Park affiliate, which focuses on technology investing.
Vice President, Travelport
Tel: +1 770 563 2586
Managing Director, Abernathy MacGregor
Tel: +1 212 371 5999
Senior Vice President, Abernathy MacGregor
Tel: +1 212 371 5999
Tel: +1 212 478 2017