Evergreen is the private equity affiliate of American investment management firm Elliott Management Corporation. Under the terms of the agreement, Siris and Evergreen will acquire all the outstanding common shares of Travelport for $15.75 per share in cash.
The Board of Directors of Travelport has unanimously approved the agreement and recommended that shareholders vote in favour of the transaction. Elliott and its affiliates have agreed to vote the common shares owned by them in favour of the transaction.
Doug Steenland, Chairman of the Board of Directors of Travelport, said: “This is a good outcome for Travelport’s shareholders. Assisted by external advisers, the Board concluded unanimously, after taking into account the ongoing development needs of the business, that entering into this agreement represents the best way to maximise value for shareholders. It also enables the company to continue its work to position itself for growth in the evolving global travel industry.”
Gordon Wilson, President and CEO of Travelport, said: “Travelport welcomes this proposed transaction with Siris and Evergreen, who are specialist technology platform investors.
“Throughout the process, Siris and Evergreen have demonstrated their deep technology expertise together with a strong commitment to the success of our customers, employees and partners. We will continue to develop and invest in our platform to serve the changing needs of our customers in the travel industry. It is very much business as usual at Travelport and we look forward to this new era in the company’s development.”
Upon the completion of the transaction, Travelport will become a privately held company and Travelport common shares will no longer be listed on any public market.It’s headquarters will remain in Langley, near Slough.
