Benzinga | Nov 23, 2021 04:06PM EST

Booking In Pact With CVC To Buy Etraveli For 00E21.643B

Booking Holdings Inc. (NASDAQ:BKNG) today announced that it has entered into an agreement with funds managed by CVC Capital Partners ("CVC") to acquire global flight booking provider, Etraveli Group, for approximately (euro)1.63 billion. Completion of the acquisition is subject to certain closing conditions, including regulatory approval.

Already a partner of Booking.com - helping power its existing flight product - the acquisition of Etraveli Group will complement Booking Holdings' ongoing work to build a frictionless global flights offering to deliver on the Company's overall mission to make it easier for everyone to experience the world.

"As international air travel rebounds from the impact of the pandemic, we look forward to building upon our existing relationship with Etraveli Group to make the travel booking experience easier and more seamless to support our partners and customers," said Booking Holdings' Chief Executive Officer, Glenn Fogel.

"Booking Holdings pioneered the travel space more than two decades ago and they continue to pave the path forward by developing solutions to create seamless travel experiences," said Mathias Hedlund, Etraveli Group's Chief Executive Officer. "We have had a fantastic time together with our current owner CVC, establishing Etraveli Group as a global provider of attractive flight options at affordable prices. Today is a day of recognition, as well as marking a new phase in our relentless urge to improve further. We are thrilled to become a part of Booking Holdings, and we look forward to the next chapter of our own development as we continue to enhance the flight booking experience for our customers and partners worldwide."

"Mathias and his team have built a world-leading platform for selling flights. Joining the Booking Holdings family is a logical step in Etraveli's journey. We wish them all the very best and bon voyage!" said Lorne Somerville, Chairman of Etraveli Group and a Managing Partner of CVC.

Etraveli Group will remain headquartered in Sweden and operate as an independent business under Booking Holdings, led by their current management team.