Constellation Software (SABR affiliate) adds 10.6M Sabre shares in open-market buy

Rhea-AI Filing Summary

Sabre Corp insider Constellation Canadian Holdings Inc., an affiliate of Constellation Software, completed an open-market purchase of 10,634,702 shares of Sabre common stock. The weighted average purchase price was about $1.1605 per share, with individual trades executed between $1.07 and $1.24 per share.

After this transaction on February 27, 2026, the filing reports that entities associated with Constellation Software directly owned 50,157,523 Sabre shares. The reporting parties collectively disclaim beneficial ownership beyond their economic interest in these shares.

Insights

Equity ownership and governance analyst

Constellation affiliate significantly increases direct Sabre stake via open-market buying.

Entities associated with Constellation Software disclosed an open-market purchase of 10,634,702 shares of Sabre common stock at a weighted average price of $1.1605. The trades occurred within a price range of $1.07 to $1.24 per share.

Following this transaction, direct holdings reported for these entities rose to 50,157,523 shares. The filing clarifies that the securities are owned directly by Constellation Canadian Holdings Inc., while Constellation Software and its president Mark Miller may be deemed beneficial owners but formally disclaim broader beneficial ownership.

This type of sizeable open-market purchase by a more-than-ten-percent holder can signal conviction, but its ultimate significance depends on Sabre’s total share count and future disclosures about strategic intent, neither of which are detailed in the provided information.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CONSTELLATION SOFTWARE INC

(Last) (First) (Middle)

66 WELLINGTON STREET WEST, SUITE 5300

TD BANK TOWER

(Street)

TORONTO A6 M5K 1E6

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Sabre Corp [ SABR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.01 par value(1)	02/27/2026		P		10,634,702	A	$1.1605(3)	50,157,523	D(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This Form 4 is filed jointly by Constellation Software Inc ("Constellation Software"), Constellation Canadian Holdings Inc. ("Constellation Holdings"), and Mark Miller (collectively, the "Reporting Persons"). The EDGAR filing codes for Constellation Holdings and Mark Miller were not available at the time of this required filing, and the Reporting Persons intend to amend this Form 3 to include such Reporting Persons in the filing when such codes are available. Each Reporting Person disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

2. Securities owned directly by Constellation Holdings. As the direct parent company of Constellation Holdings, Constellation Software may be deemed to beneficially own the securities owned directly by Constellation Holdings. Mr. Miller, as the President of Constellation Software, may be deemed to beneficially own the securities owned directly by Constellation Holdings.

3. The reported price represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.07 to $1.24 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

	/s/ Constellation Software Inc., By Mark Dennison, Secretary and General Counsel	03/03/2026
	/s/ Constellation Canadian Holdings., By Jamal Baksh, Chief Financial Officer	03/03/2026
	/s/ Mark Miller	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Constellation-related entities report for Sabre (SABR)?

Constellation Canadian Holdings Inc., affiliated with Constellation Software, reported buying 10,634,702 Sabre common shares in the open market. The weighted average price was about $1.1605 per share, with trades between $1.07 and $1.24, increasing their reported direct holdings to 50,157,523 shares.

Who actually owns the Sabre (SABR) shares reported in this Form 4?

The shares are owned directly by Constellation Canadian Holdings Inc. Constellation Software, as its parent, and its president Mark Miller may be deemed beneficial owners, but each reporting person formally disclaims beneficial ownership beyond their pecuniary interest in the Sabre securities.

At what price were the new Sabre (SABR) shares purchased by the Constellation affiliate?

The reported weighted average purchase price was approximately $1.1605 per Sabre share. Individual open-market trades occurred at prices ranging from $1.07 to $1.24 per share, and the reporting parties offer to provide detailed trade breakdowns upon request to investors or regulators.

How many Sabre (SABR) shares do the Constellation reporting entities hold after this transaction?

After the reported open-market purchase, the filing shows direct ownership of 50,157,523 Sabre common shares by entities associated with Constellation Software. This figure reflects holdings following acquisition of 10,634,702 additional shares on February 27, 2026, as disclosed in the insider report.

What is the transaction type for the Constellation entities’ Sabre (SABR) trade?

The transaction is classified as a purchase of common stock in the open market. The Form 4 uses code “P,” indicating an open-market or private purchase, and describes the action as an open-market purchase of Sabre shares by the Constellation-affiliated holder.

Why do the Constellation reporting persons disclaim full beneficial ownership of Sabre (SABR) shares?

Each reporting person states they disclaim beneficial ownership of Sabre securities beyond their pecuniary interest. This language is common when multiple related entities and individuals are involved, clarifying that the filing should not be read as an admission of full beneficial ownership for regulatory or other purposes.