Sabre Corp. has completed the $1.1 billion sale of its Hospitality Solutions business to private equity and investment firm TPG, the companies announced Monday.
The sale, first announced in April, leaves the hotel reservation technology unit operating as a standalone business led by newly appointed CEO Teresa Mackintosh, according to TPG. Mackintosh most recently was CEO of financial reconciliation software provider Trintech, and she also has served as president and CEO of Wolters Kluwer Tax and Accounting in the U.S. and as a managing director with Thomson Reuters.
TPG noted that she has "scaled multiple [software-as-a-service] companies through innovation, operational excellence and customer focus."
In addition to the sale, TPG announced that U.S. hotel owner-operator MCR has made a minority investment in Hospitality Solutions, and MCR chairman and CEO Tyler Morse has been named vice chairman of the company's board of directors. The amount of the investment was not disclosed in the release.
Sabre is netting $960 million from the sale, which is "an important step in Sabre's ongoing transformation," Sabre president and CEO Kurt Ekert 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."