WASHINGTON (Reuters) - U.S. travel technology firm Sabre Corp (SABR.O) and software firm Farelogix Inc said on Friday that they would terminate their $360 million deal because of antitrust opposition in Britain.
Last month, the UK Competition and Markets Authority (CMA) prohibited the deal, saying it would hurt innovation and lead to higher fees.
“We strongly disagree with the CMA’s decision,” the companies said in a statement announcing the deal’s termination.
The U.S. Justice Department fought the deal in court and lost.
In its lawsuit filed in August 2019, the U.S. government said that Sabre, which has more than 50% of U.S. airline bookings through travel agencies, “operated outdated technology and resisted innovation” while competitor Farelogix is “an innovative technology company that has stepped in to address the needs of airlines and their customers.”
Reporting by Diane Bartz; editing by Jonathan Oatis