Sabre completes acquisition of Abacus International
SOUTHLAKE, Texas, July 1, 2015 – Sabre Corporation (NASDAQ: SABR) today announced that it has completed the acquisition of Abacus International, the leading global distribution system (GDS) in the Asia Pacific region. “The addition of Abacus further strengthens Sabre’s leading position in the fast-growing Asia-Pacific region,” said Sabre President & CEO Tom Klein. “Our ability to combine Sabre’s strong global technology platform capabilities with Abacus’ deep local market expertise will provide Asia-Pacific airline, hospitality and travel agency customers with unprecedented innovation and service options. It also makes us an ideal technology partner for global customers seeking to grow and expand in Asia-Pacific.” Abacus serves more than 100,000 travel agents across the Asia-Pacific region’s 59 markets and has both global and uniquely local relationships with airlines and hotels, including the leading portfolio of low-cost airline content and Chinese airline content. Sabre, which previously owned 35% of Abacus, acquired the remaining portion for net cash consideration of $411 million. Separately, the acquisition includes new long-term distribution agreements between Sabre and the 11 Asian airlines that previously shared ownership of Abacus with Sabre. The acquisition, including associated working capital adjustments and cash acquired, was financed through cash on hand, augmented by revolver borrowings of $70 million. Sabre has also signed an agreement to acquire Abacus national marketing company, Abacus Distribution Systems (Hong Kong). Sabre management will update financial guidance as it relates to the Abacus acquisition during the company’s next earnings conference call, which is scheduled for Tuesday, August 4, … READ MORE
