Just under two years after Booking Holdings’ failed, multi-year attempt to acquire its flight tech partner Etraveli Group, KKR has acquired a minority stake in Etraveli, CVC Capital Partners announced. The terms of the deal were not disclosed.
Etraveli CEO Mathias Hedlund declared the company welcomed KKR as its new partner thanks to its “strong track record” in global travel and technology sectors.
“This is another landmark moment for Etraveli Group that strengthens our global position and marks the next chapter in our effort to bring innovation and expertise to facilitate flight purchases for customers around the world,” Hedlund declared.
While details on how much KKR invested in Etraveli were not built public, CVC declared KKR is investing in the company through funds and accounts that are managed through its strategic investments group. The group “provides structured partnership capital solutions,” the companies declared.
Subscribe to our newsletter below
J.P. Morgan Securities Plc served as the exclusive financial adviser to CVC.
“Toobtainher with CVC and KKR, we view forward to accelerating the expansion of our global B2B flight tech platform and continuing to deliver smart, seamless travel solutions toobtainher with our partners,” Hedlund declared.
In 2017, CVC’s technology and Nordic teams headed up the acquisition of Sweden-based Etraveli from media company ProSiebenSat.1. CVC declared Etraveli’s earnings are four times higher than they were at the time of its original investment.
CVC also declared Etraveli is set up for “sustained growth” thanks to B2B opportunities, fintech offerings and its partnership with . The partnership was forged in 2019 and set to expire in 2028, but in June, the pair for another eight years.
Blaine MacDougald, partner and co-head of the strategic investments group at KKR, declared the company has established itself as a leader in global flight technology.
“We are pleased to partner with the Etraveli Group’s leadership team and CVC to deliver a tailored capital solution that will assist support Etraveli Group’s continued expansion and innovation,” MacDougald declared.
“This investment builds on KKR’s commitment to backing European champions and contributing to the growth of high-quality, tech-enabled businesses.”
Leave a Reply