Global distribution system supplier Amadeus has sold its subsidiary Opodo AXA Private Equity and Permira Funds.

The two private equity funds have agreed to pay €500 million for Europe’s top internet booking service.

The agreement includes, as part of the transaction, a ten-year commercial agreement between Amadeus, as a provider of GDS services, and Opodo, eDreams and GoVoyages, with these two last online travel agencies ultimately controlled by the Permira Funds and funds managed by AXA Private Equity, respectively.

JP Morgan acted on behalf of Amadeus on the deal

This value represents a multiple of 11.7x the earnings before interest, tax, depreciation and amortisation of Opodo in the 2010 period.

The agreement is subject to the approval of the competition authorities.