Sabre Holdings, the travel reservation company, is in advanced talks to be sold to a consortium of private equity firms for more than $4 billion, according to people involved in the negotiations.

A deal could be struck as early as tomorrow, these people said.

Two investor groups are vying for Sabre, which was the original reservation system of American Airlines before being spun off as an independent business that served all of the major carriers.

The bidding group favored to win the auction includes Silver Lake Partners and Texas Pacific Group; a rival bidding group is led by Apollo Group. The people involved in the talks said a third group of investors is also considering a bid.

A deal would reshape the travel reservation industry, which has already undergone enormous change.

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