Cinven and CPPIB reach agreement to acquire Hotelbeds Group
European private equity firm Cinven and Canada Pension Plan Investment Board (‘CPPIB’) today announced an agreement to acquire Hotelbeds Group (‘Hotelbeds’ or the ‘Company’), the global provider of travel services based in Spain, from Tui Group for a total enterprise value of €1.165 billion.
Hotelbeds is the largest independent business-to-business (‘B2B’) bedbank globally, offering hotel rooms to the travel industry from its inventory of 75,000 hotels in over 180 countries to its customer base across more than 120 source markets. In addition to hotel accommodation, the Company provides transfers, excursions and tours, meetings and events, visa processing outsourcing and cruise handling services. Hotelbeds’ main clients are tour operators, travel agencies, corporate clients and consumers.