Amadeus pushes ahead with €1.36bn IPO

15th Apr 2010
Amadeus pushes ahead with €1.36bn IPO

Amadeus, the world’s largest travel reservations company, is pushing ahead with plans to raise up to €1.36bn when it relists on the Madrid stock exchange later this month.

The listing would be Europe’s largest IPO this year, and is seen as a benchmark for confidence in the market.

Amadeus is throwing caution to the wind following a series of failed IPOs across Europe, including rival Travelport which called off a £1.2bn London float in February.

The Madrid-based company – founded by Air France, Lufthansa, SAA and Iberia in 1987 and taken private in 2005 by UK private equity groups BC Partners and Cinven – said it would have an enterprise value of €7.3bn to €8.4bn, including €3bn of net debt.

Now the Madrid-based company will offer 98.9m shares in a primary offering and 36.9m existing shares to institutional investors, representing 25 per cent of the firm. It aims for a free float of about 30 per cent.


The price range for the fresh listing has been set between €9.2 and €12.2 per share, giving the company an enterprise value of between €7.3bn and €8.4bn, nearly double that of the 2005 private-equity buy-out.

Air France with 23.1 percent and Lufthansa with 11.6 percent will offload parts of their stakes, while Iberia will maintain its 11.6 percent.



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