Sabre Corporation has completed the sale of its hospitality solutions business to asset management company TPG. The sale went through July 7 and totaled $1.1 billion.

“The completion of the sale of Sabre Hospitality Solutions to TPG is an important step in Sabre’s ongoing transformation. We are pleased with this transaction and the opportunity it provides us to pay down debt and reduce our net leverage, optimize our portfolio and continue our focus on positioning the company for sustainable growth. I am thankful to the team at Hospitality Solutions and wish them success,” said Kurt Ekert, president and CEO of Sabre.

TPG will own the hospitality business unit, now formally known as Hospitality Solutions, which will operate as a standalone business through its United States and European private equity platform, TPG Capital.

When it announced the sale in late April, Sabre said it will use the $960 million net profit to pay down debt and help the company “improve its balance sheet, optimize focus on its core business and continue its focus on long-term sustainable growth.”

With the sale, Hospitality Solutions also received a strategic minority investment from MCR. In 2020, MCR acquired Stayntouch for $46 million, with the cloud hotel property management platform securing $48 million in an equity investment led by Sixth Street Growth in late 2023.

The hospitality solutions arm has been growing since Sabre bought SynXis in 2005. The company acquired guest engagement software company Nuvola in 2022, and the following year, it acquired Techsembly, an e-commerce solution for hotels. Also in 2023, Sabre announced it was developing a central reservation system for Hyatt.

In addition to this sale, Sabre also sold its corporate self-booking tool, GetThere, to Serko for $12 million last October.