Travel technology company Travelport has received
commitments for US$500 million in financing from affiliates of existing owners
Siris Capital Group LLC and Evergreen Coast Capital Corp, the private equity
affiliate of Elliott Management Corporation, as well as an additional $500
million of available financing capacity.
According to the company, the investment provides it with
the liquidity needed to continue investing in its technology and platform despite
the impact of the Covid-19 pandemic.
CEO Greg Webb said: “Covid-19 and the governmental response
to the pandemic has had a negative impact in 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. 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 out transition to a next-generation platform.”
Travelport was acquired by Siris and Evergreen in 2019 for $4.4 billion.