Axa, Permira Near Deal To Buy Opodo Unit Of Amadeus IT - Source
08 Février 2011 - 11:11PM
Dow Jones News
Buyout firms Permira and Axa Private Equity are set to sign deal
to buy Opodo, the online travel unit being sold by Amadeus IT
Holding SA (AMS.MC) Wednesday, a person familiar with the situation
told Dow Jones Tuesday.
The buyout firms are paying between EUR400 million and EUR500
million, the person added. The two private equity firms submitted a
joint bid through Spanish travel agent eDreams, which Permira
bought last July, and Go Voyages, a French online agent Axa bought
last May.
Other bidders in the auction, which is being handled by JPMorgan
Chase (JPM), included U.S. buyout firm Carlyle Group.
Opodo is the smallest of Amadeus' three businesses, representing
just 4% of its total revenue, and isn't considered central to the
company.
Opodo's revenue--mostly from airline ticket fees--was EUR53.7
million in the first half of 2010, up 5.8% from a year earlier. Its
main markets are Germany, France, the Nordic countries and the
U.K.
Amadeus' other units comprise Global Distribution Services,
which produces some 70% of the company's revenue; and Altea, a
reservation platform, which is used by other airlines wanting to
outsource business, represents around 25% of revenue.
-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241;
marietta.cauchi@dowjones.com
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