Leading European OTA eDreams ODIGEO could be sold as the company confirmed it is “assessing and evaluating various strategic options”.
These include a potential merger and acquisition transaction involving the company’s shares, with the ultimate aim of maximising value creation for the benefit of all its stakeholders, the Barcelona-based business disclosed.
“The unanimous decision by the board of directors to strategically review its options was prompted by unsolicited indications of interest from potential investors and follows the company’s renewed strategic focus, operational success and strengthened financial position,” a statement said.
“The review process remains at an early stage and there is therefore no certainty on the level of interest of potential investors or if any potential formal proposal will be satisfactory to the company and its shareholders.”
Morgan Stanley International has been appointed as its financial advisor for the strategic review process.
“There is no expected impact to the day-to-day running of the company and business continues as normal. The company will issue further statements as appropriate,” the statement added.
The firm also raised its short-term guidance for the 2018 financial year from €113-117 million to €116-120 million as well as long term guidance for 2020 from €125-140 million to €130-€145 million.
“The increased guidance results from operational execution and leveraging scale, and more favourable terms in a number of contracts with the company’s suppliers, and it is based on the continuity of its current strategies on product transparency and revenue diversification.”