11:20 AM EDT, 08/22/2024 (MT Newswires) -- TPG (TPG) early Thursday said it has reached a definitive agreement to sell its PS portfolio company to Groupe ADP, the French international airport operator.

PS, which was known as The Private Suite when it launched in 2017 as an outshoot from a private security firm, runs high-end lounges allowing celebrities and VIPs to travel from Los Angeles or Atlanta while avoiding the rest of the flying public.

Financial terms of the transaction between the private equity firm and Groupe ADP weren't disclosed. The deal is subject to regulatory approvals and other customary closing conditions.

TPG shares recently were trading marginally higher on Thursday.

Price: 49.73, Change: +0.24, Percent Change: +0.48