Amadeus sells Opodo to AXA and Premira for 500m Euro

Amadeus IT has sold Opodo, its European Online Travel Agency, to AXA Private Equity and Permira Funds for €500m, 11.7 times 2010 pre-tax earnings in a deal brokered by JP Morgan. The agreement includes a 10-year contract for Amadeus to provide Global Distribution Services to Opodo and two other OTAs, eDreams and GoVoyages, also controlled by Permira Funds and AXA Private Equity. The agreement is subject to regulatory approval.

The agreement includes, as part of the transaction, a 10-year commercial agreement between Amadeus, as a provider of GDS services, and Opodo, eDreams and GoVoyages (these two last online travel agencies ultimately controlled by the Permira Funds and funds managed by AXA Private Equity, respectively).
At the time of closure of the transaction and after the implementation of the commercial agreements it is estimated that the net sum to be received by Amadeus including the costs of the operation, adjusting for the cash reserves and working capital position of Opodo, will be a total sum of approximately 500 million Euros.
The agreement is subject to the approval of the competition authorities.
JP Morgan acted as Amadeus’ financial adviser for this transaction.
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Notes to the editors
Amadeus is a leading transaction processor and provider of advanced technology solutions for the global travel and tourism industry.
Customer groups include travel providers (e.g airlines,1/2
Amadeus sells Opodo
Bangkok, Thailand, 10 February 2011: Amadeus IT Holding, S.A., through its subsidiary Amadeus IT Group S.A. and subject to the approval of its Board of Directors, has reached an agreement with AXA Private Equity and Permira Funds, for the sale of 100% of the capital of its subsidiary OPODO LIMITED ("Opodo"). The enterprise value agreed by the parties reaches approximately 450 million Euros. This value represents a multiple of 11.7x the 'EBITDA’ (earnings before interest, tax, depreciation and amortisation) of Opodo in the 2010 period.
The agreement includes, as part of the transaction, a 10-year commercial agreement between Amadeus, as a provider of GDS services, and Opodo, eDreams and GoVoyages (these two last online travel agencies ultimately controlled by the Permira Funds and funds managed by AXA Private Equity, respectively).
At the time of closure of the transaction and after the implementation of the commercial agreements it is estimated that the net sum to be received by Amadeus including the costs of the operation, adjusting for the cash reserves and working capital position of Opodo, will be a total sum of approximately 500 million Euros.
The agreement is subject to the approval of the competition authorities.
JP Morgan acted as Amadeus’ financial adviser for this transaction.
– Ends –
Notes to the editors
Amadeus is a leading transaction processor and provider of advanced technology solutions for the global travel and tourism industry.
Customer groups include travel providers (e.g airlines, hotels, rail, car rental, ferries, etc.), travel sellers (travel agencies and websites), and travel buyers (corporations and individual travellers). hotels, rail, car rental, ferries, etc.), travel sellers (travel agencies and websites), and travel buyers (corporations and individual traveller
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