Opodo has reached an agreement with Barclays Private Equity to sell 100% of its France-based tour operator, Karavel, owner of the brand Promovacances.
The sale is pending approval from the relevant competition authorities.
Opodo CEO Ignacio Martos 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.
“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 took a controlling interest in Opodo in June 2004.
The company’s statement said Amadeus is fully supportive of the move and remains committed to the success of Opodo.
By Bev Fearis
