Opodo has reached an agreement with Barclays Private Equity to sell 100% of Karavel S.A., the France-based tour operator and owner of brand Promovacances. The agreement is pending approval from the relevant competition authorities.
Commenting on the transaction, Ignacio Martos, CEO of Opodo, said, “We are extremely happy with this sale which is part of the overall restructuring and realignment process that Opodo initiated at the end of 2006. Opodo is now focused on its core activities and is divesting from all businesses, such as Karavel, which are beyond core operations. Karavel is a very strong company, with a very strong position in the French market, and we are confident that it will continue its successful growth in the online tour operating business.”
On the future lying ahead for Opodo Martos said “2007 is proving to be a very successful year for Opodo, the restructuring process is progressing according to plan and this, together with healthy sales growth, has allowed us to reach break even in recent months. Opodo is today among the three leading on line travel agencies in Europe, and we are concentrating all our efforts in reinforcing our position as a European champion.”
Amadeus is fully supportive of the move and remains committed to the success of Opodo.
Deustche Bank acted as financial adviser to Opodo in this transaction.