Travelport shareholders will vote on the acquisition of the
company on March 15.
Last December, Siris Capital Group and Evergreen Coast
Capital Corp. said they would acquire Travelport in a $4.4 billion all-cash deal
that includes the assumption of about $2 billion in debt.
Travelport's board of directors has approved the acquisition
and recommended shareholders do the same.
As part of the agreement, Travelport had a period of time in
which it could shop around for other proposals, which it did. That period has
"During the 'go-shop' period, an extensive outreach was
conducted by Travelport and Morgan Stanley & Co. LLC acting as Travelport's
financial advisor," Travelport said in a statement. "None of the
third parties contacted during this process provided a proposal or offer
regarding an alternative acquisition proposal."
The acquisition is subject to regulatory approvals. If
received, and if shareholders approve the deal, it is expected to close in the
Siris Capital Group is a private equity firm focused on
investment in technology, data and telecommunications. Evergreen is the private
equity affiliate of Elliott Management Corp. Last year, Elliott Associates,
Elliott Management Corp.'s flagship fund, acquired a nearly 12% stake in
Travelport, divulging that significant changes were likely on the horizon.