Opodo parent lined up for Spanish stock market float

The parent company of Opodo is being lined up for a float on the Spanish stock exchange with an estimated valuation of  €1.5 billion including debt.

Permira and Ardian, the private equity owners, are weighing an initial public offering for the online travel group that operates under the Opodo, GO Voyages, eDreams and Travellink brands,

A listing of eDreams Odigeo could happen as soon as the first half of this year, possibly in April, one of the people with knowledge of the matter told the Financial Times.

Amadeus, backed by London buyout houses BC Partners and Cinven, was the last non-financial company to list in Spain, raising €1.3 billion in 2010.

eDreams Odigeo is the combination of several acquisitions of European online operators.

Paris-based Ardian, formerly known as Axa Private Equity, bought Go Voyages for €300 million-€350 million in 2010, outbidding Permira.

A few months later, London-based Permira outbid Ardian to buy Barcelona-based eDreams for €250 million-€300 million.

A year later, both private equity groups teamed up to make a joint €500 million offer for Opodo, as they sought to build a European champion in the internet travel market to challenge Expedia and Orbitz of the US.

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