MADRID, June 30 (Reuters) – Buyout fund Cinven and Canadian pension fund CPPIB have hired Morgan Stanley and Evercore to prepare an initial public offering for Spain’s Hotelbeds, a source familiar with the matter said on Friday, confirming a report by Expansion newspaper.
Hotelbeds, a company based in Palma de Mallorca which sells hotels rooms to wholesale customers such as travel agencies and tour operators, is worth between 4.5 billion and 5.5 billion euros ($4.89 billion-$5.97 billion), Expansion said.
Cinven and CPPIB, which bought Hotelbeds from German tourism group TUI (TUI1n.DE) in 2016 in a deal worth 1.17 billion euros, could opt for a direct sale, the newspaper said.
Spokespersons at Hotelbeds, CPPIB and Morgan Stanley declined to comment.
($1 = 0.9209 euros)
Reporting by Inti Landauro and Andres Gonzalez; editing by Jason Neely and Susan Fenton
Our Standards: The Thomson Reuters Trust Principles.
Source: reuters.com
