Sabre shares jump on sale of its hospitality business

Travel technology provider Sabre Corp SABR.O jumped 15% to $2.52 in premarket trade

SABR sells its hospitality solutions business for $1.1 billion to asset manager TPG TPG.O

SABR says it expects cash proceeds, net of taxes and fees, of about $960 mnl, to be used primarily to pay down debt

Reuters last month reported on SABR exploring $1 billion-plus sale of hospitality software unit

As of last close, stock down 39% YTD