Travelport will end just over four years on the public markets and be taken into private equity hands once more, following a $4.4 billion takeover by Elliott Management Corporation and others.
The company will be under the full ownership of Siris Capital Group and Evergreen Coast Capital (part of Elliott).
The deal is expected to close in the second quarter of 2019.
Elliott took a 12% stake in the business earlier this year, fueling speculation that it would seek to takeover the business alongside other private equity partners.
The company was valued at $1.9 billion when it achieved its IPO in September 2014.
At the time it had debts in the region of $3 billion.
Travelport says existing shareholders will receive $15.75 per share in cash. It hit almost $20 per share in July this year but has lost almost a quarter of its value since.
The company will now enter a "Go-shop" period until January 23, 2019, whereby other bids can be entertained ahead of the closing date of the original deal.
In 2006, private equity giant Blackstone took majority ownership of the company from Cendant in a $4.3 billion deal.
But after the IPO in 2014, the private equity firm owned about $137 million, or about 7%, of the company, based on the offer price.
It has trailed behind its travel tech/distribution rivals Sabre and Amadeus in terms of share price ever since.
Sabre is currently trading at $25 per share (a high of almost $30 was achieved in November 2015); Amadeus is at €60 (a high of €75 was achieved three months ago).
In a letter to Travelport customers, president and CEO Gordon Wilson says: "First and foremost, it is very much business as usual at Travelport. There are no immediate changes in terms of our priorities nor how we operate the business as a result of this announcement. Customers should expect the same high level of service to which they have grown accustomed.
"The investment Siris and Evergreen plan to make in Travelport is a strong endorsement of our commitment to our customers and partners. Siris has said today that it looks forward to building on our legacy and 'supporting Travelport as it invests in its platform and embarks on a new phase of innovation and industry leadership.' Elliott added that it looks forward 'to investing in the Travelport team and working with them and Siris to build upon and advance Travelport’s strong track record of technology innovation in serving global travel suppliers and agencies.'
"There is a great deal of momentum in Travelport, both in our delivery of new and exciting product capabilities and our geographical growth. We remain focused on delivering our commitments to you, continuing to onboard our new customers and developing new products and technologies."
Still, the question for many now will be the structure of the company going forward under private equity ownership and whether some elements will be carved off.
Travelport's eNett payment business has become the noteworthy division over the last few years, with it bringing in $86 million in revenue in the third quarter of 2018 (a 58% increase year-over-year).
The new owners cited the fast-growing eNett in their respective statements today following the announcement of the acquisition.
Frank Baker, co-founder of Siris Capital, says: "We have been impressed by the company's industry-leading GDS technology platform, which supports mission-critical transactions for both travel providers and agents.
"At the same time, Travelport is redefining the travel payments industry through eNett, a disruptive and fast-growing leader in secure, virtual travel payments. Siris looks forward to partnering with the company's management team and Evergreen in this next phase of Travelport's evolution and growth as a private company."
Jesse Cohn, partner at Elliott, commented: "Under Gordon's leadership, Travelport has built a leading travel technology platform and a leading B2B payments offering in eNett.
"We look forward to investing in the Travelport team and working with them and Siris to build upon and advance Travelport's strong track record of technology innovation in serving global travel suppliers and agencies."
The company says its full-year revenue for 2018 is expected to be in the region of $2.54 billion and $2.59 billion - growth of around 4 to 6% compared to 2017.
Adjusted EBITDA will be $585 million to $605 million - a maximum of 3% growth or a loss of 1%.
Gordon Wilson became president and CEO of Travelport in June 2011 after running its airline IT and distribution divisions following the merger of Worldspan and Galileo.
The company headquarters will remain in Langley, U.K.