Travelport Worldwide Limited, a leading travel technology company has announced that it has received commitments for $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, and an additional $500 million of available financing capacity.
The investment provides Travelport with the liquidity needed to continue to exceed the expectations of its customers despite the impact of the COVID-19 pandemic. It also allows the Company to continue to invest in its industry-leading technology and next-generation platform to ensure it is positioned for growth as travel returns.
“COVID-19 and the governmental response to the pandemic has had a negative impact on 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,” said Greg Webb, CEO of Travelport.
“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 our transition to a next-generation platform.”
Frank Baker, Co-Founder & Managing Partner of Siris Capital, commented: Siris is committed to Travelport s future success and growth, and our priority is maintaining the company s position as the industry partner of choice. We remain optimistic about the future trajectory of the business as the Company takes steps to increase its resiliency and emerge from the current crisis.
Siris is a leading private equity firm that invests primarily in technology and telecommunications companies with mission critical products and services. Its investment approach is based on a combination of proprietary research and extensive collaboration with senior operating executives, who actively participate in key aspects of the transaction lifecycle to help drive strategic and operational value.
Elliott Management Corporation manages two multi-strategy investment funds which combined have more than $40 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management.
InterGlobe Technology Quotient (ITQ), a strategic business unit of InterGlobe Enterprises, is a part of large Indian conglomerate established in 1989 and headquartered in Gurugram. InterGlobe employs more than 28,000 professionals globally through its various businesses leading in Aviation, Hospitality and Travel related services.
