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Mon 1 Jan 2007 04:00 AM

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Sabre buy-out gets underway

Sabre Holdings, the USbased parent company of local GDS provider, Sabre Travel Network Middle East, has confirmed the purchase of the company for US $4.45 billion by private equity groups, Silver Lake Partners and Texas Pacific Group (TPG).

 

Sabre Holdings, the USbased parent company of local GDS provider, Sabre Travel Network Middle East, has confirmed the purchase of the company for US $4.45 billion by private equity groups, Silver Lake Partners and Texas Pacific Group (TPG).

 

The deal, which is subject to customary closing conditions, but expected to take place in Q2, includes the assumption of approximately $550 million net debt and the buying partners paying $32.75 per share in cash.

 

The sale brings all the world’s largest GDS providers under private ownership, following news of a planned merger between Galileo and Worldspan.

 

Amadeus is also owned by buy out groups.

 

Bahrain-based Sabre Travel Network Middle East is a joint venture between Sabre Inc and regional carrier, Gulf Air, established in January 2005. The company has gradually built up a portfolio of key travel agent clients and last year persuaded Dubai’s Sharaftravel, to ditch Galileo and adopt its MySabre system.

 

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