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| Proposal 1: Approval of the Merger Agreement, the Bermuda Merger Agreement and the Merger | | | | | 71 | | |
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| Annexes | | | | | | | |
| | | | | A-1-1 | | | |
| | | | | A-2-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | |
Forecast Scenario
|
| |
Implied Value
Per Share Range |
| |||
Case A
|
| | | $ | 11.50 – $15.50 | | |
Case B
|
| | | $ | 15.25 – $19.75 | | |
Acquiror(s)
|
| |
Target
|
| |
Announcement
Date |
| |
AV/LTM
EBITDA |
| |
Implied Value
Per Share |
| |||||||||
Silver Lake, TPG
|
| |
Sabre Holdings
|
| | | | Dec – 2006 | | | | | | 10.1x | | | | | $ | 30.00 | | |
Blackstone
|
| | Travelport | | | | | Jun – 2006 | | | | | | 7.8x | | | | | $ | 19.25 | | |
Cinven, BC Partners
|
| | Amadeus | | | | | Jan – 2005 | | | | | | 7.5x | | | | | $ | 18.00 | | |
Travelport
|
| |
Worldspan LP
|
| | | | Dec – 2006 | | | | | | 5.5x | | | | | $ | 8.75 | | |
Forecast Scenario
|
| |
Implied Value
Per Share Range |
| |||
Case A
|
| | | $ | 10.75 – $13.25 | | |
Case B
|
| | | $ | 12.75 – $15.75 | | |
Benchmark
|
| |
Reference Range
|
| |
Implied Value
Per Share Range |
| ||||||
Case A/Case B FY18E P/E
|
| | | | 10.0x – 12.0x | | | | | $ | 14.00 – $16.75 | | |
Case A/Case B FY18E AV/EBITDA
|
| | | | 6.25x – 7.00x | | | | | $ | 12.25 – $15.75 | | |
Case A/Case B FY19E P/E
|
| | | | 9.0x – 11.0x | | | | | $ | 11.50 – $14.25 | | |
Case A/Case B FY19E AV/EBITDA
|
| | | | 6.00x – 6.75x | | | | | $ | 11.00 – $14.25 | | |
| | |
For the Year Ending December 31,
|
| |||||||||||||||||||||||||||
(In $ millions, except per share amounts)
|
| |
2018E
|
| |
2019E
|
| |
2020E
|
| |
2021E
|
| |
2022E
|
| |||||||||||||||
Company Forecasts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenue
|
| | | $ | 2,554 | | | | | $ | 2,677 | | | | | $ | 2,888 | | | | | $ | 3,114 | | | | | $ | 3,370 | | |
Adjusted EBITDA(1)
|
| | | $ | 590 | | | | | $ | 591 | | | | | $ | 614 | | | | | $ | 629 | | | | | $ | 648 | | |
Adjusted Net Income(2)
|
| | | $ | 186 | | | | | $ | 178 | | | | | $ | 184 | | | | | $ | 197 | | | | | $ | 212 | | |
Free Cash Flow(3)
|
| | | $ | 211 | | | | | $ | 180 | | | | | $ | 202 | | | | | $ | 209 | | | | | $ | 200 | | |
Derived by Morgan Stanley | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted Net Income per Share – diluted (excluding eNett minority interest)(4)
|
| | | $ | 1.39 | | | | | $ | 1.28 | | | | | $ | 1.30 | | | | | $ | 1.36 | | | | | $ | 1.42 | | |
Unlevered Free Cash Flow(5)
|
| | | $ | 252 | | | | | $ | 233 | | | | | $ | 260 | | | | | $ | 263 | | | | | $ | 250 | | |
| | |
For the Year Ending December 31,
|
| |||||||||||||||||||||||||||
(In $ millions, except per share amounts)
|
| |
2018E
|
| |
2019E
|
| |
2020E
|
| |
2021E
|
| |
2022E
|
| |||||||||||||||
Company Forecasts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenue
|
| | | $ | 2,554 | | | | | $ | 2,677 | | | | | $ | 2,927 | | | | | $ | 3,178 | | | | | $ | 3,457 | | |
Adjusted EBITDA
|
| | | $ | 590 | | | | | $ | 591 | | | | | $ | 634 | | | | | $ | 663 | | | | | $ | 693 | | |
Adjusted Net Income
|
| | | $ | 186 | | | | | $ | 178 | | | | | $ | 199 | | | | | $ | 223 | | | | | $ | 248 | | |
Free Cash Flow
|
| | | $ | 211 | | | | | $ | 180 | | | | | $ | 217 | | | | | $ | 236 | | | | | $ | 237 | | |
Derived by Morgan Stanley | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted Net Income per Share – diluted (excluding eNett minority interest)
|
| | | $ | 1.39 | | | | | $ | 1.28 | | | | | $ | 1.41 | | | | | $ | 1.56 | | | | | $ | 1.70 | | |
Unlevered Free Cash Flow
|
| | | $ | 252 | | | | | $ | 233 | | | | | $ | 275 | | | | | $ | 289 | | | | | $ | 285 | | |
| | |
For the Year Ending December 31,
|
| |||||||||||||||||||||||||||
(In $ millions)
|
| |
2018E
|
| |
2019E
|
| |
2020E
|
| |
2021E
|
| |
2022E
|
| |||||||||||||||
Company Forecasts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenue
|
| | | $ | 2,551 | | | | | $ | 2,754 | | | | | $ | 3,006 | | | | | $ | 3,306 | | | | | $ | 3,593 | | |
Adjusted EBITDA
|
| | | $ | 591 | | | | | $ | 593 | | | | | $ | 654 | | | | | $ | 708 | | | | | $ | 753 | | |
Adjusted Net Income
|
| | | $ | 183 | | | | | $ | 156 | | | | | $ | 193 | | | | | $ | 230 | | | | | $ | 266 | | |
Free Cash Flow
|
| | | $ | 211 | | | | | $ | 121 | | | | | $ | 213 | | | | | $ | 263 | | | | | $ | 295 | | |
| | |
For the Year Ending
December 31, |
| |||||||||
(In $ millions)
|
| |
2018E
|
| |
2019E
|
| ||||||
Net revenue
|
| | | $ | 2,554 | | | | | $ | 2,656 | | |
Adjusted EBITDA
|
| | | $ | 590 | | | | | $ | 591 | | |
Adjusted Net Income
|
| | | $ | 185 | | | | | $ | 173 | | |
Free Cash Flow
|
| | | $ | 211 | | | | | $ | 181 | | |
Name
|
| |
Unvested
Company Options (#) |
| |
Unvested
Company Options ($)(1) |
| |
Vested
Company Options (#) |
| |
Vested
Company Options ($)(1) |
| |
Company
RSUs (#)(2) |
| |
Company
RSUs ($)(3) |
| |
Company
PSUs (#)(4) |
| |
Company
PSUs ($)(5) |
| |
Total
($) |
| |||||||||||||||||||||||||||
Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gordon A. Wilson
|
| | | | 127,487 | | | | | | 321,267 | | | | | | 127,488 | | | | | | 321,270 | | | | | | 182,849 | | | | | | 2,964,492 | | | | | | 764,759 | | | | | | 12,456,953 | | | | | | 16,063,982 | | |
Bernard Bot
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 60,756 | | | | | | 985,325 | | | | | | 289,687 | | | | | | 4,735,875 | | | | | | 5,721,200 | | |
Stephen Shurrock
|
| | | | 21,667 | | | | | | 61,751 | | | | | | 65,003 | | | | | | 185,259 | | | | | | 52,984 | | | | | | 858,273 | | | | | | 260,344 | | | | | | 4,254,370 | | | | | | 5,359,653 | | |
Matthew Minetola
|
| | | | 43,156 | | | | | | 109,842 | | | | | | 50,390 | | | | | | 128,651 | | | | | | 46,955 | | | | | | 760,091 | | | | | | 190,663 | | | | | | 3,101,075 | | | | | | 4,099,659 | | |
Margaret K. Cassidy
|
| | | | 9,328 | | | | | | 23,507 | | | | | | 9,329 | | | | | | 23,509 | | | | | | 25,268 | | | | | | 407,809 | | | | | | 96,061 | | | | | | 1,556,019 | | | | | | 2,010,844 | | |
Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Douglas M. Steenland
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 65,156 | | | | | | 1,028,881 | | | | | | | | | | | | | | | | | | 1,028,881 | | |
Elizabeth L. Buse
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 25,060 | | | | | | 395,724 | | | | | | | | | | | | | | | | | | 395,724 | | |
Steven R. Chambers
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 25,060 | | | | | | 395,724 | | | | | | | | | | | | | | | | | | 395,724 | | |
Michael Durham
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,857 | | | | | | 109,026 | | | | | | | | | | | | | | | | | | 109,026 | | |
Scott E. Forbes
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,857 | | | | | | 109,026 | | | | | | | | | | | | | | | | | | 109,026 | | |
Douglas Hacker
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 25,060 | | | | | | 395,724 | | | | | | | | | | | | | | | | | | 395,724 | | |
John B. Smith
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,857 | | | | | | 109,026 | | | | | | | | | | | | | | | | | | 109,026 | | |
Name
|
| |
Cash
($)(1) |
| |
Equity
($)(2) |
| |
Pension/NQDC
($)(3) |
| |
Perquisites/
Benefits ($)(4) |
| |
Total
($) |
| |||||||||||||||
Gordon A. Wilson
|
| | | | 3,728,345 | | | | | | 16,063,982 | | | | | | — | | | | | | — | | | | | | 19,792,327 | | |
Bernard Bot
|
| | | | — | | | | | | 5,721,200 | | | | | | — | | | | | | — | | | | | | 5,721,200 | | |
Stephen Shurrock
|
| | | | — | | | | | | 5,359,653 | | | | | | — | | | | | | — | | | | | | 5,359,653 | | |
Matthew Minetola
|
| | | | 453,006 | | | | | | 4,099,659 | | | | | | 44,271 | | | | | | 18,000 | | | | | | 4,614,936 | | |
Margaret K. Cassidy
|
| | | | 395,145 | | | | | | 2,010,844 | | | | | | 36,077 | | | | | | 20,972 | | | | | | 2,463,038 | | |
Name
|
| |
Annual Base
Salary (US$) |
| |
Target
Bonus (%) |
| |
Pro-Ration
Factor for Target Bonus |
| |
Total Cash
Severance (US$) |
| ||||||||||||
Gordon A. Wilson
|
| | | | 745,669 | | | | | | 150% | | | | | | 2.00000 | | | | | | 3,728,345 | | |
Matthew Minetola
|
| | | | 409,275 | | | | | | 100% | | | | | | 0.10685 | | | | | | 453,006 | | |
Margaret K. Cassidy
|
| | | | 357,000 | | | | | | 100% | | | | | | 0.10685 | | | | | | 395,145 | | |
Name
|
| |
Company
Options ($) |
| |
Company
RSUs ($) |
| |
Notional Dividends
on Company RSUs ($) |
| |
Company
PSUs ($) |
| |
Notional Dividends
on Company PSUs ($) |
| |
Total
($) |
| ||||||||||||||||||
Gordon A. Wilson
|
| | | | 642,537 | | | | | | 2,879,872 | | | | | | 84,620 | | | | | | 12,044,954 | | | | | | 411,999 | | | | | | 16,063,982 | | |
Bernard Bot
|
| | | | — | | | | | | 956,907 | | | | | | 28,418 | | | | | | 4,562,570 | | | | | | 173,305 | | | | | | 5,721,200 | | |
Stephen Shurrock
|
| | | | 247,010 | | | | | | 834,498 | | | | | | 23,775 | | | | | | 4,100,418 | | | | | | 153,952 | | | | | | 5,359,653 | | |
Matthew Minetola
|
| | | | 238,493 | | | | | | 739,541 | | | | | | 20,550 | | | | | | 3,002,942 | | | | | | 98,133 | | | | | | 4,099,659 | | |
Margaret K. Cassidy
|
| | | | 47,016 | | | | | | 397,971 | | | | | | 9,838 | | | | | | 1,512,961 | | | | | | 43,058 | | | | | | 2,010,844 | | |
Name of Beneficial Owner
|
| |
Number of
Common Shares Beneficially Owned |
| |
Percent of
Common Shares Outstanding |
| ||||||
5% Shareholders: | | | | | | | | | | | | | |
BlackRock, Inc.(1)
|
| | | | 18,797,205 | | | | | | 14.86% | | |
Elliott Associates, L.P. and affiliated entities(2)
|
| | | | 8,042,484 | | | | | | 6.36% | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | |
Gordon A. Wilson(3)
|
| | | | 1,202,909 | | | | | | * | | |
Bernard Bot
|
| | | | 29,448 | | | | | | * | | |
Stephen Shurrock(4)
|
| | | | 80,735 | | | | | | * | | |
Matthew Minetola(5)
|
| | | | 119,815 | | | | | | * | | |
Margaret K. Cassidy(6)
|
| | | | 46,953 | | | | | | * | | |
Douglas Steenland(7)
|
| | | | 91,005 | | | | | | * | | |
Elizabeth Buse(8)
|
| | | | 35,002 | | | | | | * | | |
Steven R. Chambers(9)
|
| | | | 23,384 | | | | | | * | | |
Michael J. Durham
|
| | | | 45,002 | | | | | | * | | |
Scott E. Forbes
|
| | | | 9,822 | | | | | | * | | |
Douglas A. Hacker(10)
|
| | | | 50,627 | | | | | | * | | |
John Barry Smith
|
| | | | 4,864 | | | | | | * | | |
All directors and executive officers as a group (12 individuals)
|
| | | | 1,739,566 | | | | | | 1.37% | | |
| | |
Page
|
||
| | | | A-1-2 | |
| | | | A-1-2 | |
| | | | A-1-12 | |
| | | | A-1-15 | |
| | | | A-1-16 | |
| | | | A-1-16 | |
| | | | A-1-16 | |
| | | | A-1-17 | |
| | | | A-1-17 | |
| | | | A-1-17 | |
| | | | A-1-17 | |
| | | | A-1-17 | |
| | | | A-1-18 | |
| | | | A-1-19 | |
| | | | A-1-21 | |
| | | | A-1-22 | |
| | | | A-1-22 | |
| | | | A-1-22 | |
| | | | A-1-22 | |
| | | | A-1-22 | |
| | | | A-1-23 | |
| | | | A-1-23 | |
| | | | A-1-23 | |
| | | | A-1-24 | |
| | | | A-1-24 | |
| | | | A-1-24 | |
| | | | A-1-25 | |
| | | | A-1-26 | |
| | | | A-1-27 | |
| | | | A-1-28 | |
| | | | A-1-28 | |
| | | | A-1-28 | |
| | | | A-1-29 | |
| | | | A-1-29 | |
| | | | A-1-29 | |
| | | | A-1-30 | |
| | | | A-1-31 | |
| | | | A-1-32 | |
| | | | A-1-33 | |
| | | | A-1-34 | |
| | | | A-1-34 | |
| | | | A-1-35 |
| | |
Page
|
||
| | | | A-1-35 | |
| | | | A-1-35 | |
| | | | A-1-35 | |
| | | | A-1-35 | |
| | | | A-1-35 | |
| | | | A-1-36 | |
| | | | A-1-36 | |
| | | | A-1-36 | |
| | | | A-1-37 | |
| | | | A-1-37 | |
| | | | A-1-37 | |
| | | | A-1-38 | |
| | | | A-1-38 | |
| | | | A-1-38 | |
| | | | A-1-38 | |
| | | | A-1-38 | |
| | | | A-1-38 | |
| | | | A-1-38 | |
| | | | A-1-40 | |
| | | | A-1-40 | |
| | | | A-1-40 | |
| | | | A-1-40 | |
| | | | A-1-41 | |
| | | | A-1-41 | |
| | | | A-1-41 | |
| | | | A-1-42 | |
| | | | A-1-44 | |
| | | | A-1-48 | |
| | | | A-1-48 | |
| | | | A-1-48 | |
| | | | A-1-48 | |
| | | | A-1-49 | |
| | | | A-1-51 | |
| | | | A-1-52 | |
| | | | A-1-53 | |
| | | | A-1-55 | |
| | | | A-1-57 | |
| | | | A-1-59 | |
| | | | A-1-59 | |
| | | | A-1-60 | |
| | | | A-1-60 |
| | |
Page
|
||
| | | | A-1-62 | |
| | | | A-1-63 | |
| | | | A-1-63 | |
| | | | A-1-64 | |
| | | | A-1-64 | |
| | | | A-1-64 | |
| | | | A-1-65 | |
| | | | A-1-65 | |
| | | | A-1-65 | |
| | | | A-1-65 | |
| | | | A-1-65 | |
| | | | A-1-66 | |
| | | | A-1-66 | |
| | | | A-1-66 | |
| | | | A-1-67 | |
| | | | A-1-67 | |
| | | | A-1-67 | |
| | | | A-1-69 | |
| | | | A-1-69 | |
| | | | A-1-73 | |
| | | | A-1-73 | |
| | | | A-1-73 | |
| | | | A-1-73 | |
| | | | A-1-73 | |
| | | | A-1-74 | |
| | | | A-1-74 | |
| | | | A-1-75 | |
| | | | A-1-75 | |
| | | | A-1-75 | |
| | | | A-1-75 | |
| | | | A-1-76 | |
| | | | A-1-76 | |
| | | | A-1-77 | |
| | | | A-1-77 | |
| | | | A-1-78 | |
| | | | A-1-78 | |
| | | | A-1-78 | |
EXHIBIT A—Voting Agreement | | | | | |
EXHIBIT B—Bermuda Merger Agreement | | | | | |
EXHIBIT C—Joinder Agreement | | | | | |
| | | | | A-1-2 | |
| | | | | A-1-2 | |
| | | | | A-1-2 | |
| | | | | A-1-23 | |
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| TORO PRIVATE HOLDINGS III, LTD. | | ||||||
| By: | | | /s/ Peter Berger | | |||
| | | | Name: | | | Peter Berger | |
| | | | Title: | | | Director | |
| | | | | ||||
| TRAVELPORT WORLDWIDE LIMITED | | ||||||
| By: | | | /s/ Bernard Bot | | |||
| | | | Name: | | | Bernard Bot | |
| | | | Title: | | | Executive Vice President and Chief Financial Officer | |
| Peter E. Berger 601 Lexington Ave., 59th Floor New York, New York 10022 |
| | Frank A. Baker 601 Lexington Ave., 59th Floor New York, New York 10022 |
| | Jeffrey M. Hendren 601 Lexington Ave., 59th Floor New York, New York 10022 |
|
| SIGNED for and on behalf of | | | ) | | | | | ||||||
|
TORO PRIVATE HOLDINGS IV, LTD.
|
| | ) | | | | | | |||||
| in the presence of | | | ) | | | Name: | | | | ||||
| | | | | | | Title: | | | | | | | |
|
Witness:
|
| | | | | | | | | ||||
| SIGNED for and on behalf of | | | ) | | | | | ||||||
|
TRAVELPORT WORLDWIDE LIMITED
|
| | ) | | | | | | |||||
| in the presence of | | | ) | | | Name: | | | | ||||
| | | | | | | Title: | | | | | | ||
|
Witness:
|
| | | | |
| | | |||
| Very truly yours, | | |||
| MORGAN STANLEY & CO. LLC | | |||
| By: | | |
/s/ Gaurav Gupta
Name: Gaurav Gupta
|
|
| | | | Title: Managing Director | |
| If to the Company: | | |||
| Travelport Worldwide Limited | | |||
| 300 Galleria Parkway, SE | | |||
| Atlanta, GA 30339 | | |||
| Attention: | | | Margaret K. Cassidy | |
| E-mail: | | | peg.cassidy@travelport.com | |
| with a copy to: | | |||
| Kirkland & Ellis LLP | | |||
| 601 Lexington Ave | | |||
| New York, NY | | |||
| Attention: | | | Daniel Wolf, P.C. | |
| | | | Shaun J. Mathew | |
| E-Mail: | | | daniel.wolf@kirkland.com | |
| | | | shaun.mathew@kirkland.com | |
| If to the Shareholders: | | |||
| c/o Elliott Management Corporation | | |||
| 40 West 57th Street | | |||
| New York, NY 10019 | | |||
| Attention: | | | Jesse Cohn and Isaac Kim | |
| E-Mail: | | | JCohn@elliottmgmt.com; IKim@egc-capital.com | |
| with a copy to: | | |||
| Gibson, Dunn & Crutcher LLP | | |||
| 200 Park Avenue | | |||
| New York, NY 10166 | | |||
| Attention: | | | Richard J. Birns | |
| E-mail: | | | rbirns@gibsondunn.com | |
| TRAVELPORT WORLDWIDE LIMITED | | ||||||
| By: | | | /s/ Bernard Bot | | |||
| | | | Name: | | | Bernard Bot | |
| | | | Title: | | | Executive Vice President and Chief Financial Officer |
|
| ELLIOTT ASSOCIATES, L.P. | | ||||||
| By: | | | Elliott Capital Advisors, L.P., as General Partner | | |||
| By: | | | Braxton Associates, Inc. as General Partner | | |||
| By: | | | /s/ Elliot Greenberg | | |||
| | | | Name: | | | Elliot Greenberg | |
| | | | Title: | | | Vice President | |
| ELLIOTT INTERNATIONAL, L.P. | | ||||||
| | | | | ||||
| By: | | | Hambledon, Inc., its General Partner | | |||
| By: | | | Elliott International Capital Advisors Inc., as Attorney-in-Fact |
| |||
| By: | | | /s/ Elliot Greenberg | | |||
| | | | Name: | | | Elliot Greenberg | |
| | | | Title: | | | Vice President | |
Shareholder
|
| |
Shares
|
|
ELLIOTT ASSOCIATES, L.P. | | | 2,160,454 Company Common Shares* | |
ELLIOTT INTERNATIONAL, L.P. | | | 4,590,955 Company Common Shares | |