Travelport has expanded into the travel payment sector with the acquisition of a greater stake in eNett International.
The travel technology company already held a 57% stake in eNett – its joint venture payment services company. And it has now agreed to boost this interest to 73%, following a new US$450 million deal with its joint venture partner PSP International. PSP will continue to hold the remaining 27% stake in the business.
Gordon Wilson, Travelport’s president & CEO, said the deal marked the continuation of the company’s ‘Beyond Air’ strategy, which is seeing the company move into new areas outside the airline sector.
“eNett is a significant element in realising Travelport’s goal to redefine travel commerce,” said 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.”
eNett offers travel payment services using MasterCard Virtual Account Numbers (VANs). These are intended offer greater protection from fraud than standard credit card numbers, as well as improving overall payment, reconciliation and tracking processes.
Under the joint venture, PSP offers banking expertise while Travelport provides connections to a global network of travel agency and travel product suppliers.
“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,” said Anthony Hynes, eNett’s managing director & CEO.