Sabre Corporation (SABR) and TPG, (TPG) announced the signing of a definitive agreement under which TPG has agreed to acquire Sabre's Hospitality Solutions business for $1.1 billion in cash. Sabre said its expected cash proceeds, net of taxes and fees, of approximately $960 million, will be used primarily to pay down debt, enabling the company to improve its balance sheet, optimize focus on its core business, and continue its focus on long-term sustainable growth.
Kurt Ekert, President and CEO of Sabre Corporation, said: "This divestiture positions Sabre to focus on our core airline IT and travel marketplace platforms. We are confident that TPG's investment approach and expertise will drive significant value to all of Hospitality Solutions' customers."
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