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January 21, 2014

Sabre Corp. files for an initial public offering

Gnome

Southlake-based Sabre Corp. filed for an initial public offering today, aiming to raise about $100 million by taking the company back on the public market.

In a filing with the Securities and Exchange Commission, Sabre said it is “well-positioned” for growth, particularly with its businesses in Latin America and Asia-Pacific. The company also owns the online travel site Travelocity, and runs the computer reservation systems for several airlines including American Airlines.

“Both our Travel Network and our Airline and Hospitality Solutions businesses have significant opportunities to expand their customer bases, further penetrate existing customers, extend their geographic footprint and develop new products,” the S-1 registration filing said.

Sabre, which was taken private in 2007 in a $5 billion buyout led by TPG Funds and Silver Lake Funds, also disclosed financial figures. The company reported a $611 million net loss in 2012 on $3.03 billion in revenues. For the first nine months of 2013, the comapny said it had a net loss of $127 million on $2.34 billion in revenues.

The company has yet to determine the number of shares to be sold or the price range for the proposed offering. Morgan Stanley, Goldman, Sachs & Co., BofA Merill Lynch and Deutsche Bank Securities will jointly manage the offering.

Last August, Sam Gilliland stepped down as Sabre’s chief executive officer and was replaced with the company’s president Tom Klein.

Sabre used to be part of AMR Corp., American Airlines' parent company, as it was the airline's creation to replace handwritten tickets with an automated passenger reservation system. Travel agencies began using the system in 1970s to book airline tickets. Sabre was spun out of AMR as a separate business in 2000. 

-Andrea Ahles

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