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Press release

Amadeus sells Opodo

February 9, 2011

2 min read

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Amadeus IT Holding, S.A., through its subsidiary Amadeus IT Group S.A. and subject to the approval of its Board of Directors, has reached an agreement with AXA Private Equity and Permira Funds, for the sale of 100% of the capital of its subsidiary OPODO LIMITED ('Opodo'). The enterprise value agreed by the parties reaches approximately 450 million Euros. This value represents a multiple of 11.7x the 'EBITDA' (earnings before interest, tax, depreciation and amortisation) of Opodo in the 2010 period.

Madrid, Spain, 09 February 2011: Amadeus IT Holding, S.A., through its subsidiary Amadeus IT Group S.A. and subject to the approval of its Board of Directors, has reached an agreement with AXA Private Equity and Permira Funds, for the sale of 100% of the capital of its subsidiary OPODO LIMITED ("Opodo"). The enterprise value agreed by the parties reaches approximately 450 million Euros. This value represents a multiple of 11.7x the 'EBITDA’ (earnings before interest, tax, depreciation and amortisation) of Opodo in the 2010 period.

The agreement includes, as part of the transaction, a 10-year commercial agreement between Amadeus, as a provider of GDS services, and Opodo, eDreams and GoVoyages (these two last online travel agencies ultimately controlled by the Permira Funds and funds managed by AXA Private Equity, respectively).

At the time of closure of the transaction and after the implementation of the commercial agreements it is estimated that the net sum to be received by Amadeus including the costs of the operation, adjusting for the cash reserves and working capital position of Opodo, will be a total sum of approximately 500 million Euros.

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

JP Morgan acted as Amadeus’ financial adviser for this transaction.

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