According to Reuters, private equity form Siris Capital Group LLC and hedge fund Elliot Management is “nearing an agreement” to takeover the booking platform.

Elliot is understood to have been chasing Travelport for the best part of a year after disclosing a 12% stake in March.

Sources close to the reported negotiations said a deal could be concluded as soon as next week, Reuters reports.

Siris, Elliot and Travelport all declined to comment when approached by Reuters.

Travelport shares were trading at $15.72 on Thursday afternoon (December 7), up 5.15% from $14.95, giving it a market value of just shy of $2 billion.

The platform is one of a handful of leading GDS operators, along with Amadeus, Sabre and Galileo, and is understood to be market leader in the UK.

However, the scene is dominated globally by Amadeus with around 44% market share, followed by Sabre with around 37%.

Travelport has, over the past year, has grown its presence in Asia and Europe but in May lost its contract with Australian travel agent giant Flight Centre.

The business dates to 1971 when it created one of the world’s first computerised airline reservation systems, which later evolved into the recognisable GDS used by airlines, travel agents and tour operators today.