Constellation Software's McKay to join Sabre board

Executive Summary

• Sabre Corp. and Constellation Software Inc. have entered into a strategic governance agreement following discussions between the parties.
• As part of the agreement, Damian McKay, CEO of Vela Software Group (a division of Constellation), will be appointed to Sabre’s board of directors.
• In connection with the agreement, Sabre will terminate its existing shareholder rights plan (poison pill) that was announced on March 1, 2026.
• Constellation Software remains a beneficial owner of approximately 12.7% of Sabre’s outstanding shares and is described as a long-term strategic partner.

Key Details

• Parties Involved: Sabre Corp. (global travel technology company) and Constellation Software Inc. (beneficial owner of ~12.7% of Sabre).
• Agreement Type: Strategic Governance Agreement.
• Board Appointment: Damian McKay appointed to Sabre’s board of directors.
• Rights Plan Termination: The Sabre board will terminate the shareholder rights plan announced on March 1, 2026.
• Regulatory Filing: Terms of the agreement will be filed as an exhibit to a Form 8-K with the U.S. Securities and Exchange Commission.
• Constellation Stake: Constellation holds approximately 12.7% of Sabre’s outstanding shares.

Notable Quotes

• Kurt Ekert, President and CEO of Sabre: "We are pleased to reach this agreement with Constellation, which validates the progress we've made to sharpen our focus toward ushering in the next age of travel... We look forward to continuing to build a productive partnership together that focuses on long-term growth, durable returns and accelerating innovation across the travel ecosystem."
• Gail Mandel, Chair of Sabre's Board: "We are pleased to welcome Damian to the Sabre board. Damian is an experienced leader who brings a deep understanding of vertical market software businesses and the complex industries that they support."
• Mark Miller, President of Constellation Software: "Sabre is a great company in a highly attractive market. Global travel continues at record levels, and our investment in Sabre reflects our confidence in the company."
• Damian McKay: "I am excited to join the Sabre board. I am committed to contributing my experience to support Sabre's continued success in delivering value to clients and shareholders."