If disaster strikes, again

Sabre, the $4bn travel agency, at first blush looks like a tempting private equity target. It’s got very little debt and it controls one of the top online booking agents in the world. But Sabre carries one big hazard - it’s highly tied to the travails of travel. And as its experience after 9/11 showed, that can have disastrous consequences. For private equity firms to work their magic, they have to be able to put a huge amount of debt into their deals. Sabre would be no exception. If Sabre keep...