Constellation unit boosts Sabre (NASDAQ: SABR) stake with 10.6M-share buy

Rhea-AI Filing Summary

Sabre Corp reported a large insider transaction by entities associated with Constellation Software Inc. An affiliated holder completed an open-market purchase of 10,634,702 shares of Sabre common stock at a weighted average price of $1.1605 per share, with individual trades ranging from $1.07 to $1.24 per share.

Following this transaction, the filing shows 50,157,523 shares of Sabre common stock owned directly by Constellation Canadian Holdings Inc. The filing notes that Constellation Software, as the direct parent of Constellation Canadian Holdings, and Mark Miller, as President of Constellation Software, may be deemed to beneficially own these securities, while each reporting person disclaims beneficial ownership beyond their pecuniary interest.

Insights

Insider transactions analyst

Constellation-affiliated entity made a very large open-market share purchase in Sabre.

Entities associated with Constellation Software Inc. reported buying 10,634,702 shares of Sabre Corp in open-market trades at a weighted average of $1.1605 per share. The trades occurred within a price range of $1.07 to $1.24 per share.

After this transaction, the filing shows 50,157,523 Sabre shares owned directly by Constellation Canadian Holdings Inc. This indicates a substantial equity position, though each reporting person formally disclaims beneficial ownership except to the extent of their pecuniary interest. The filing does not reference any Rule 10b5-1 trading plan, so these purchases appear discretionary based on the information provided.

Insider Trade Summary

Net Buyer: 10,634,702 shares ($12,341,572)

Net Buy 1 txn

Insider CONSTELLATION SOFTWARE INC, Constellation Canadian Holdings Inc., Miller Mark Robert

Role 10% Owner | 10% Owner | 10% Owner

Bought 10,634,702 shs ($12.34M)

Type	Security	Shares	Price	Value
Purchase	Common Stock, $0.01 par value	10,634,702	$1.1605	$12.34M

Holdings After Transaction: Common Stock, $0.01 par value — 50,157,523 shares (Direct)

Footnotes (1)

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. 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. 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.

Key Figures

Shares purchased: 10,634,702 shares Weighted average purchase price: $1.1605 per share Post-transaction holdings: 50,157,523 shares +2 more

5 metrics

Shares purchased 10,634,702 shares Open-market purchase on 2026-02-27

Weighted average purchase price $1.1605 per share Common Stock, $0.01 par value

Post-transaction holdings 50,157,523 shares Shares owned directly by Constellation Canadian Holdings Inc. after transaction

Trade price range $1.07–$1.24 per share Range of individual trade prices within reported transaction

Net buy shares 10,634,702 shares Net buy direction per transaction summary

Key Terms

open-market purchase, weighted average price, beneficial ownership, pecuniary interest, +1 more

5 terms

open-market purchase financial

"transaction_action: "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

weighted average price financial

"The reported price represents a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

beneficial ownership financial

"disclaims beneficial ownership of the securities of the Issuer"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of his or its pecuniary interest therein"

ten percent owner financial

"is_ten_percent_owner": 1"

Form 4 Insider Transactions: What Each Field Means →

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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 M5K 1E6

(City) (State) (Zip)

ONTARIO, CANADA

(Country)

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)

2a. Foreign Trading Symbol

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

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

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

4. If Amendment, Date of Original Filed (Month/Day/Year)
03/03/2026

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

1. Name and Address of Reporting Person^*

CONSTELLATION SOFTWARE INC

(Last) (First) (Middle)

66 WELLINGTON STREET WEST, SUITE 5300

TD BANK TOWER

(Street)

TORONTO M5K 1E6

(City) (State) (Zip)

ONTARIO, CANADA

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Constellation Canadian Holdings Inc.

(Last) (First) (Middle)

66 WELLINGTON STREET WEST, SUITE 5300

TD BANK TOWER

(Street)

TORONTO M5K 1E6

(City) (State) (Zip)

ONTARIO, CANADA

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Miller Mark Robert

(Last) (First) (Middle)

66 WELLINGTON STREET WEST, SUITE 5300

TD BANK TOWER

(Street)

TORONTO M5K 1E6

(City) (State) (Zip)

ONTARIO, CANADA

(Country)

Relationship of Reporting Person(s) to Issuer

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

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.

Remarks:

This Form 4 is being amended to add each of Constellation Canadian Holdings Inc. and Mr. Miller as a reporting person upon receipt of their EDGAR codes.

	/s/ Constellation Software Inc., By Mark Dennison, Secretary and General Counsel	03/30/2026
	/s/ Constellation Canadian Holdings Inc., By Jamal Baksh, Chief Financial Officer	03/30/2026
	/s/ Mark Miller	03/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

How many Sabre (SABR) shares were purchased in this insider transaction?

The reporting entities bought 10,634,702 shares of Sabre common stock in this transaction. These were executed as an open-market purchase, representing a large single buy order that significantly increased the reporting group’s disclosed equity position in the company.

What price did the Constellation-affiliated entity pay for Sabre (SABR) shares?

The filing reports a weighted average price of $1.1605 per share. Individual trades were completed in a range from $1.07 to $1.24 per share, reflecting multiple executions aggregated into the reported total purchase amount.

How many Sabre (SABR) shares does the reporting group hold after this transaction?

After the reported purchase, the filing shows 50,157,523 shares of Sabre common stock owned directly by Constellation Canadian Holdings Inc. This figure reflects the holding reported immediately following the transaction on the Form 4/A.

Who is shown as owning the Sabre (SABR) shares in this Form 4/A?

The securities are owned directly by Constellation Canadian Holdings Inc. The filing states that Constellation Software Inc., as its parent, and Mark Miller, as President, may be deemed beneficial owners, while each disclaims beneficial ownership beyond their pecuniary interest.

What type of insider transaction was reported for Sabre (SABR)?

The filing describes the activity as an open-market purchase of Sabre common stock, coded as a “P” transaction on the Form 4. This indicates a straightforward buy in the market rather than an option exercise, gift, or tax-related disposition.

Was the Sabre (SABR) trade by Constellation-related entities done under a trading plan?

The provided disclosure does not reference any Rule 10b5-1 trading plan. Based on the text shown, the purchase appears to be a discretionary open-market transaction rather than one clearly identified as pre-scheduled under a formal trading plan.