AXA Private Equity has bought a majority stake in Paris-based online travel agent Go Voyages.
While the price paid is undisclosed, the Financial Times has reported that the deal values the online travel agent at €350-€400 million.
Go Voyages was sold by Accor in 2007 to entrepreneurs Bernard Arnault and Albert Frère for a reported €280 million. The business made an operating profit last year of €23 million on revenues of €843 million.
Gross debt stands at around €140 million with cash in hand of €90 million. The report said that UK-based private equity house Permira made a move for the OTA last October.
AXA will own two-thirds of the business with management holding 24%. Arnault retains a minority stake. Go Voyages operates in the UK as govolo.com.