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The private equity firms Axa and Permira are buying the online travel agent Opodo for €500m (£424m) from the Spanish travel reservations group Amadeus.

Following the acquisition, Axa and Permira plan to merge Opodo with their two rival online travel firms, the French Go Voyages and Spain’s eDream.

Opodo, which was set up in 2001 by a consortium of European airlines including British Airways, Air France, KLM and Iberia, is based in the UK and operates websites across Europe.

source: independent.co.uk

Madrid-based Amadeus is reported to have held initial talks with several investment banks about selling its 55% shareholding in Opodo, which was originally set up by airlines such as British Airways, Air France and Lufthansa in 2001.

Amadeus paid €62 million for the majority stake in Opodo in 2004 and would be expected to make several times this amount in any sale.

source: ttglive.com