Sabre Corporation has announced the completion of the $1.1 billion sale of its Hospitality Solutions business to private equity firm TPG.
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The deal, which was first announced in April, will net US-based Sabre around $960 million after taxes and fees.?
"The completion of the sale of Sabre Hospitality Solutions to TPG is an important step in Sabre's ongoing transformation,¡± said Kurt Ekert, Sabre¡¯s president and CEO.
¡°We are pleased with this transaction, and the opportunity it provides us to pay down debt and reduce our net leverage, optimise our portfolio and continue our focus on positioning the company for sustainable growth.¡±
Sabre developed Hospitality Solutions to provide technology to major hotel brands after acquiring reservation technology firm SynXis 20 years ago.?The sale to TPG does not include Sabre's B2B hotel distribution business.
Following completion, TPG plans to operate Hospitality Solutions as a separate business.
Earlier this year, Sabre sold its online corporate booking platform GetThere to Serko for $12 million.