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2 Firms Pay $4.3 Billion For SabreSabre Holdings, the travel reservation company once owned by American Airlines, agreed to be sold late last night for about $4.3 billion to Silver Lake Partners and the Texas Pacific Group, according to people involved in the negotiations. The deal is expected to be announced today. The transaction means that the nation’s three largest travel reservation companies — Sabre, Travelport and Worldspan — will be privately held, all by private equity firms. Earlier this year, the Blackstone Group acquired Travelport, which owns Orbitz.com and CheapTickets.com. And last week, Travelport agreed to purchase Worldspan, which operates reservation systems for Delta Air Lines and Northwest Airlines. Under the deal, Sabre shareholders are expected to receive slightly more than $32 a share, people involved in the deal said. That is a premium of 15 percent over Sabre’s share price before news of the impending deal was reported on Monday. Sabre’s shares spiked 7.5 percent yesterday to close at $30.43. Private equity firms have long had a love affair with the travel reservation business. Texas Pacific, for example, once owned Hotwire before selling it to IAC/InterActiveCorp, which is controlled by Barry Diller. Even though the industry is under increasing pressure as more consumers book trips directly through airline and hotel Web sites, the reservation business produces steady cash flow. And even the biggest reservation Web sites still need to be powered by reservation system. Spokesmen for Silver Lake and Texas Pacific declined to comment. A spokesman for Sabre could not be reached. Sabre was started by American Airlines in 1960 as the first electronic ticketing operation. At the time, it saved American Airlines 30 percent on its investments in staff alone. In 1996, Sabre started Travelocity.com. And in 2000, American Airlines spun off Sabre. Tag CloudExternal InformationAdditional InformationF&C back in black despite funds exit...Big Labels Offer Free Music to College Students... Shell’s Profit Soars as High Oil Prices Offset a Decline in Output... Environmental, human rights recognition can improve investments... Where Am I?News Main Page - Business - 2 Firms Pay $4.3 Billion For Sabre |
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