Travel technology and distribution company Sabre Corporation has agreed to sell its hospitality solutions business to asset management company TPG for $1.1 billion.

The sale sees TPG acquire the hospitality business unit, which becomes a standalone business through TPG Capital, its United States and European private equity vehicle.

Sabre said it plans to reduce debt with the $960 million proceeds of the deal, strengthening its balance sheet and enabling it to focus on its core airline technology and distribution business, which continues to include hotels.

The news comes on top of Sabre’s recent sale of its corporate self-booking tool, GetThere, to Serko for $12 million.

"The $1.1 billion sale of this business is a testament to the transformation that the Hospitality Solutions team has driven over the past few years," said Kurt Ekert, president and CEO of Sabre Corporation. 

"This divestiture positions Sabre to focus on our core airline IT and travel marketplace platforms. We are confident that TPG's investment approach and expertise will drive significant value to all of Hospitality Solutions' customers.”