Etraveli, a flight-centric and data-driven online travel platform which was acquired by CVC Capital Partners’ Fund VI in August 2017, is to join forces with e-Travel.
Both Etraveli and e-Travel have seen rapid growth and expansion to a variety of markets in recent years.
Their geographical footprints have little overlap and make this transaction highly complementary.
Etraveli, based in Uppsala, Sweden, is a global e-commerce platform for flight tickets combining a leading position in the Nordics with a fast-growing international business. Etraveli conducts a majority of its business in Western Europe and the Nordics. e- Travel, based in Athens, Greece, has a similar set-up, but a more robust position in Eastern Europe and a growing presence in the Middle East and Asia Pacific region.
The combined company is expected to have a pro-forma TTV of circa EUR3 billion by year-end 2017.
Mathias Hedlund, CEO of Etraveli, who will also become CEO of the new joint business, says: “Our focus will be on even more growth and expansion. I am delighted that we have found a like-minded partner in e-Travel that shares our vision and has complementary strengths that will help take our business to the next level.”
Nikos Goulis, CEO of e-Travel, says: “At e-Travel, we feel that together with Etraveli we are now perfectly positioned to become Europe’s leading flight-centric e commerce platform, which has always been our goal.” Nikos Goulis will continue in his role.
Lorne Somerville, Partner and Head of TMT at CVC, says: “We are delighted to support Etraveli in its ambition to grow to become a leading international e-commerce platform with a wide geographic footprint and strong data-driven business model. We welcome e-Travel into the CVC family.”
