Amadeus sells Opodo to finance firms

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Madrid-headquartered IT and ticket distribution provider Amadeus is selling its travel booking website Opodo to the investment houses AXA Private Equity and Permira Funds.

The two investment groups already control the online travel agencies eDreams and GoVoyages, respectively.

Between them the three parties have negotiated an acquisition price of approximately €450 million ($608 million), which is 11.7 times Opodo's earnings before interest, tax, depreciation and amortisation (EBITDA) in 2010.

The deal includes a 10-year global distribution system (GDS) contract for the three internet travel portals. The total net payment to Amadeus is expected to reach €500 million.

Competition authorities have yet to approve the agreement.