Travelport is raising its stake in eNett by 16% to 73% in a deal which values the payment solutions business at $450 million.
The addition shares are being acquired from joint venture partner PSP International which co-established eNett five years ago.
At the same time, PSP International has entered into a long term agreement with eNett to provide various banking services to the company.
PSP International will become the primary issuer of Virtual Account Numbers (“VANS”) used by eNett.
eNett will now also be able to expand its platform and operating system outside the travel industry.
Travelport president and chief executive Gordon Wilson said: “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.
“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.
“These are, on the one hand, the banking services expertise offered by PSP International, and, on the other hand, the platform, the global network of travel agency and travel product supplier relationships and the system capabilities that Travelport offers.”
eNett managing director and chief executive Anthony Hynes added: “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.”
PSP managing director Rob Bishop said: “The new shareholding agreement enables PSP to cement its relationship with Travelport at a broader level and for the longer term.
“We are looking forward to continuing to provide eNett with access to a range of new and innovative payment services, including more flexible transaction funding models and ongoing support for new products and services.”