Asset management company TPG takes the reins
Sabre Corporation completed the sale of its hospitality solutions business to asset management company TPG earlier this week for an amount topping $1.1 billion.
“The completion of the sale of Sabre Hospitality Solutions to TPG is an important step in Sabre’s ongoing transformation,” said Kurt Ekert, president and CEO of Sabre.
“We are pleased with this transaction and the opportunity it provides us to pay down debt and reduce our net leverage, optimise our portfolio and continue our focus on positioning the company for sustainable growth. I am thankful to the team at Hospitality Solutions and wish them success.
TPG will own the hospitality business unit, now formally known as Hospitality Solutions, which will operate as a standalone business through its United States and European private equity platform, TPG Capital.
When it announced the sale in late-April, Sabre said it would use the $960 million net profit to pay down debt and help the company ‘improve its balance sheet, optimise focus on its core business and continue its focus on long-term sustainable growth’.
The hospitality solutions arm has been growing since Sabre bought SynXis in 2005. The company acquired guest engagement software company Nuvola in 2022, and the following year, it acquired Techsembly, an e-commerce solution for hotels.
In a separate release, Hospitality Solutions under TPG announced its new CEO, Teresa Mackintosh.
Mackintosh was most recently CEO, then executive chair, of software company Trintech. Before that, she was president and CEO of Wolters Kluwer Tax and Accounting for the USA and a managing director at Thomson Reuters.
