Amadeus "preparing to float"

IPO rumoured for 2010 

Amadeus, the travel IT company, today (September 18) declined to comment on reports that it is preparing to float in the New Year.

The Madrid based company also declined to confirm that it had hired Rothschild to advise on any IPO (initial public offering).

The company, which was listed on continental stock exchanges including Madrid, Barcelona, Paris and Frankfurt before becoming a private company in 2005, was founded in 1987 by four airlines.

While SAS has sold its stake, Air France, Lufthansa and Iberia retained some of their initial stake. Together they have a 46.4% holding in the company.

 The remainder of the company is owned by WAM Acquisition which in turn is owned by two British private equity companies, BC Partners and Cinven.

They paid €4.3bn in 2005 for control of the company. It is the largest leveraged buy out in Spain.

The London Financial Times said that Amadeus planned an IPO in the New Year and expected to raise €8bn from it.

Amadeus has grown rapidly since its founding and is a leader in travel IT as well as being one of the world's leading GDSs, a rival to Sabre, Galileo and Worldspan.

It is the dominant GDS in continental Europe and has also made great inroads in the UK which used to be dominated by Galileo.

In 2008, Amadeus which has 8,700 staff, reported revenues of €2,861m.

www.amadeus.com