Sabre Corporation has announced the completion of the sale of its Hospitality Solutions business to TPG for $1.1 billion, $960 million net of taxes and fees.
In April, Sabre announced it was selling SynXis, an integrated system for hotels to keep track of reservations and guest information, to the asset manager to reduce its debt, which stood at $4.5 billion.
"The completion of the sale of Sabre Hospitality Solutions to TPG is an important step in Sabre's ongoing transformation," Kurt Ekert, President and CEO, said in a statement.
"We are pleased with this transaction, and the opportunity it provides us to pay down debt and reduce our net leverage, optimize our portfolio and continue our focus on positioning the company for sustainable growth," he added.
"I am thankful to the team at Hospitality Solutions and wish them success."
This past spring, Ekert said the move would allow Sabre to focus on its "core airline IT and travel marketplace platforms."
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