TORONTO – A Canadian investor group led by Stornoway Portfolio Management has an agreement to buy the main business of GuestLogix, a Toronto-based company that provides onboard payment systems for airlines and railways.
The transaction requires court approval but GuestLogix expects the deal to close by Sept. 30. Financial details weren’t disclosed in Wednesday’s announcement.
GuestLogix has been operating under court protection from creditors since February and has been working with PricewaterhouseCoopers to find buyers for some or all of its assets.
In May, it closed the sale of an Irish subsidiary to an affiliate of TravelSky Technology Ltd. for US$38.5 million.
The Stornoway consortium that’s offering to buy the GuestLogix onboard business includes Bridgecorp Canada, Logan Peak Capital and Klass Capital Corp.