Travelport Worldwide Limited announced a substantial investment of $570 million in new equity financing today. This infusion of capital will fortify Travelport’s financial foundation, support further advancements in its technology platforms, and set the stage for innovative solutions that will enhance the travel industry’s ability to cater to customers.
The new investment in Travelport is part of an agreement that will significantly reduce the company’s debt and improve its financial position. After the investment is complete, Travelport will have a new ownership structure made up of its existing equity and credit investors, such as Elliott Investment Management, Davidson Kempner Capital Management, Canyon Partners, Siris Capital, and other top institutional investors. These investors will be well-positioned to offer strategic advice and support to the company’s management.
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.Greg Webb, Travelport Chief Executive Officer
Over the past year, Travelport has made several successful strategic investments and initiatives to improve its technology, products, and services for customers. These efforts include acquiring Deem, a leading corporate travel management platform, and upgrading over 85% of the company’s agency customers to Travelport+. This transaction will allow for further investment in customer offerings, including advancing new developments in Travelport+, such as support for a wide range of carrier NDC offerings and the Content Curation Layer, the company’s innovative, machine learning-powered search engine that standardizes and customizes all sources of travel content.
The completion of this transaction, which is contingent upon obtaining the necessary consents and meeting standard closing conditions, is anticipated by the end of the year