Amadeus IPO May Net Air France EUR€$340 Mln

April 13, 2010

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The planned listing of travel reservations firm Amadeus at the end of the month could fetch Air France-KLM over EUR€250 million (USD$340 million), French daily Les Echos reported on Tuesday.

"According to our information it (Amadeus) aims to return on the Madrid stock market... if possible from April 29," the paper said.

Les Echos, which did not cite a specific source, said Spanish regulatory authorities were expected to hold a meeting on Wednesday in Madrid to finalise the offer documents.

Air France-KLM declined to comment.

"Using an estimated global valuation of EUR€6.7 billion - EUR€8.0 billion for Amadeus, Air France-KLM could get between EUR€234.5 million and EUR€280 million in cash," the paper said.

The total offering would cover 25 percent of the capital of Amadeus, of which 10 percent would come from a new share issue and 15 percent through the sale of existing shares.

Amadeus is controlled by BC Partners and Cinven with a combined 53 percent, while Air France has 23.14 percent, and Iberia and Lufthansa have 11.6 percent each.

Amadeus, with EUR€2.46 billion of revenues in 2009, was delisted four years ago when BC Partners and Cinven bought their stake from the three airlines.