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Amadeus sale may surpass $5 billion
Amadeus Global Travel Distribution SA controlling shareholders (Air France, Iberia and Lufthansa) have selected final four bidders for company in a deal that could exceed $5 billion. Reuters reported U.S. buyout firm Carlyle and two British buyout shops, BC Partners and Cinven, have made it on to the shortlist alongside rival travel firm Worldspan Technologies. Worldspan is owned by Citigroup Venture Capital, the private investment arm of U.S. financial services giant Citigroup. Prospective buyers are attracted by Amadeus’ healthy cash flow and low debt. They also see value Amadeus brings to online bookings, especially for businesses. The bidders are now expected to get access to Amadeus books in order to prepare their bids, reports Dow Jones Newswire. Air France, Iberia and Lufthansa together control 86% of Amadeus’s voting rights and hold more than half of its board seats. The three airlines are expected to end up with a combined interest of around 40% in Amadeus, with the wining private-equity firm owning around 60% of Amadeus. Iberia has said it would accept an offer if the price was in line with its expectations.
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