parent snapped up by private equity bidder

AXA Private Equity has bought a majority stake in Paris-based online travel agent Go Voyages.

While the price paid is undisclosed, the Financial Times has reported that the deal values the online travel agent at €350-€400 million.

Go Voyages was sold by Accor in 2007 to entrepreneurs Bernard Arnault and Albert Frère for a reported €280 million. The business made an operating profit last year of €23 million on revenues of €843 million.

Gross debt stands at around €140 million with cash in hand of €90 million. The report said that UK-based private equity house Permira made a move for the OTA last October.

AXA will own two-thirds of the business with management holding 24%. Arnault retains a minority stake. Go Voyages operates in the UK as

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