Travelport has bought an extra 16% of Australian travel payment company eNett International from its founders, PSP International, for an estimated USD72m.
The deal values eNett at USD450m and takes Travelport’s stake to 73%.
“PSP has also entered into a long term agreement with eNett to provide various banking services to the company including becoming the primary issuer of Virtual Account Numbers used by eNett,” the company said in an announcement.
“eNett will now also be able to expand its innovative platform and operating system outside the travel industry.”
Gordon Wilson, President and CEO of Travelport, commented:
“Travelport felt that the time is right to own more of this growing business and this deal provides the opportunity for the two shareholders in eNett to play to their respective strengths.
“These are, on the one hand, the banking services expertise offered by PSP International, and, on the other hand, the platform, the global network of travel agency and travel product supplier relationships and the system capabilities that Travelport offers.”
eNett is based in Melbourne.
- eNett founder Anthony Hynes will be speaking at the TRAVELtech conference in Sydney on October 24.