SOUTHLAKE, TEXAS: Sabre Holdings, the company that owns Travelocity and other travel brands, is working with Hill+Knowlton Strategies on PR for its IPO, which it filed on Tuesday.
Sabre and H+K did not disclose details about the communications for the initial public offering, citing Securities and Exchange Commission regulations. A company representative confirmed it is working with the WPP Group firm on IPO comms.
The company filed to go public in an effort to raise up to $100 million, and it plans to use the proceeds from the IPO to pay down debt. Sabre, which has 10,000 staffers in 60 countries, has not yet determined the number of shares it will sell, or at what price.
Although Sabre was responsible for 37% of all air bookings made on global distribution systems in 2012, the company has reported net losses every year since 2008, according to its filings with the SEC. Sabre ran a net loss of $127.3 million on revenue of $2.35 billion for the first nine months of 2013, according to the filings.
Sabre's move follows the IPOs of other travel industry heavyweights, such as Blackstone-backed Hilton Worldwide, which raised $2.34 billion in its December IPO, and La Quinta, which filed its IPO last month, seeking to raise as much as $4.5 billion.
Earlier this month, Travelocity selected Citizen Relations as its agency partner in North America following a competitive review. The agency will begin working on the account sometime in the first quarter. Edelman was the incumbent.