TRAVELPORT Worldwide has increased its ownership stake in eNett International, a joint venture with PSP International following five successful years of operation.
Since the joint venture’s inception in June 2009, Travelport had held a majority stake of 57 per cent while its partner, PSP International, held the remainder.
The latest deal saw Travelport acquiring an additional 16 per cent from PSP, raising its holding to 73 per cent in a transaction which values the eNett business at US$450 million.
At the same time, PSP has entered into a long-term agreement with eNett to provide various banking services to the company, including PSP becoming the primary issuer of Virtual Account Numbers (VANS) used by eNett.
“eNett is a significant element in realising Travelport’s goal to redefine travel commerce, enabling a range of state-of-the-art and innovative alternative payment methods for B2B transactions which represent a considerable global market opportunity,” said Travelport president and CEO, Gordon Wilson.
“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.”
Anthony Hynes, eNett managing director and CEO, said: “Following the signing of a significant multi-year extension of our partnership with MasterCard announced last month, this new agreement allows eNett to further leverage the expertise of its respective shareholders as it continues to expand into other markets and verticals around the world.”
Using unique MasterCard VANs, eNett provides travel companies with a fast, easy and secure way to pay or to be paid, reducing the risk of fraudulent transactions and improving overall payment, reconciliation and tracking processes.
