Private equity firm TA Associates has sold its majority stake in Spain-based online travel agent eDreams to Permira.
The price paid has not been disclosed, although reports from Spain suggest the deal values eDreams at between €250m and €350m.
In December 2006 TA Associates backed a leveraged buy-out, valuing eDreams at €153m, worth £102m at the time.
In a statement, eDreams managing director Javier Perez-Tenessa said that Permira “will allow eDreams to fully benefit from the growth opportunities in our core markets both from an organic and from an M&A point of view.”
Permira Spain boss Carlos Mallo said that the OTA “has great potential for continued expansion as well as representing an excellent platform for the expected market consolidation in Europe.”
eDreams operates in 15 markets, including the UK. It has dedicated point of sales in USA and Canada, and is present in key Latin America markets of Brazil and Argentina. It also has an Indian website.
Click here to view original article by Martin Cowen, Travolution, Wednesday 28th July, 2010
