ProSiebenSat1 offloads Etraveli to private equity group CVC for €508 million


Northern Europe online travel agency group Etraveli has found itself with a new owner, just 18 months after being snapped up by ProSiebenSat1.

The German television and entertainment giant has sold the business to private equity business CVC for €508 million.

The deal marks a major windfall for ProSiebenSat1 after buying the group in October 2015 in a transaction that supposedly valued ETravel in the region of €235 million.

ProSiebenSat1 has been reviewing its travel division for a number of months and the fate of fellow brands Weg and Ferien has yet to be determined, the company says in a statement.

They were bought in October 2013 for an undisclosed fee.

Christof Wahl, member of the executive board and group chief operating officer at ProSiebenSat1, says:

“The outstanding growth that Etraveli has achieved together with ProSiebenSat.1 in just a year and a half proves that our value enhancing investment strategy is a success.

“With CVC Capital Partners as a new investor, they will have a strong partner to continue their successful development.”

CVC has previously invested in the Stella Group.

Lorne Somerville, partner and head of TMT at CVC, says:

“The online travel sector is dynamic and fast-growing, and Etraveli is a clear front-runner due to its data-driven approach and highly scalable business model.”

Proper to joining ProSiebenSat1, Etraveli’s previous owner was Segluah, a private equity company in the Nordic region.

eTraveli was formed in 2007 and now counts 12 different brands in its portfolio including Seat24, GoToGate, BudJet, Charter and GoLeif.

The company bought one of the forerunners of the independent online travel agency movement in Sweden, Travelstart (separate from the South African OTA of the same name), in January 2010.

ETraveli CEO Mathias Hedlund says the new ownership will support the “next chapter in our ambition to offer cheaper flight tickets to travelers around the world”.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *