A hedge firm and private equity firm have agreed to acquire Travelport in a $4.4 billion transaction. If the acquisition is completed as planned, with regulatory and shareholder approvals, Travelport will become privately held.

Siris Capital Group and Evergreen Coast Capital Corp. plan to acquire the travel technology company in an all-cash transaction.

Siris is focused on investing in technology, data and telecommunications in North America. Evergreen is the private equity affiliate of Elliott Management Corp. 

Earlier this year, Elliott Associates, the flagship fund of Elliott Management Corp., acquired a nearly 12% stake in Travelport. Its manager, billionaire Paul Singer, and his entities are known for shaking up companies. At the time, analysts said Elliott likely purchased a stake in Travelport because it viewed the company as undervalued.

According to Travelport, Siris and Evergreen will acquire all outstanding shares of Travelport for $15.75 per share.

The agreement has been approved by Travelport's board of directors, which has recommended that shareholders vote in favor of the acquisition.

As part of the agreement, Travelport can seek other acquisition proposals through Jan. 23 and can terminate the current agreement if a better proposal is received.

If the agreement with Siris and Evergreen is approved by shareholders and regulators, it is expected to close in the second quarter of 2019. At that point, Travelport will become a privately held company. Its headquarters will remain in Langley, U.K.

"Travelport welcomes this proposed transaction with Siris and Evergreen, who are specialist technology platform investors," Travelport president and CEO Gordon Wilson said in a statement. "Throughout the process, Siris and Evergreen have demonstrated their deep technology expertise together with a strong commitment to the success of our customers, employees and partners. We will continue to develop and invest in our platform to serve the changing needs of our customers in the travel industry. It is very much business as usual at Travelport, and we look forward to this new era in the company's development."

In a statement, executives from Siris and Elliott said they were attracted to Travelport based on its leadership, scale and reach, technology, payment solution eNett and its GDS platform.

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