By Aatreyee Dasgupta
(Reuters) -Sabre Corp said on Monday it will sell its hospitality software platform to asset manager TPG for $1.1 billion and use the cash to pare its debt, lifting the travel technology provider’s shares nearly 26% in early trading.
The stock is now up 13.5%. The company had a market capitalization of $845 million as of last close, according to data compiled by LSEG. In contrast, its total debt stood at about $4.5 billion, net of cash, as of the end of December, according to its annual filing.
Sabre has made several moves to pare its debt, including a refinancing in December and the repayment of debt maturities earlier this month, the company said.
Monday’s deal comes a month after Reuters reported that Sabre was exploring a sale of its hospitality software SynXis to help pare its debt.
TPG will invest in the unit through its U.S. and European private equity platform, with the transaction expected to close by the end of the third quarter 2025.