16-Apr-2010 8:04 AM

Spanish regulator approves and registers the IPO prospectus of Amadeus IT Holding

Amadeus IT Holding stated (14-Apr-2010) the IPO of its shares on the Spanish stock exchanges commenced on 14-Apr-2010, after the CNMV (Comisión Nacional del Mercado de Valores), the Spanish Financial Securities Markets Regulator, approved and registered the IPO Prospectus. Details include:

  • Trading of shares: The expected date for the start of trading of the company’s shares on the Madrid, Barcelona, Bilbao and Valencia stock exchanges is 29-Apr-2010;
  • Offer/proceed details: The offering comprises a primary tranche for a sufficient number of shares to raise gross proceeds of EUR910 million (equivalent to 85.0 million shares at the midpoint of the indicative price range), which will be used to repay company debt. A secondary offering of an aggregate of 35.3 million shares will be sold by Amadelux Investments (owned and controlled by funds advised by the private equity firms, BC Partners and Cinven) and by two of the company's airline shareholders, Lufthansa Commercial Holding GmbH and Société Air France. In addition, a reduced number of members of Amadeus management (including former management) will offer an aggregate of 1.7 million shares;
  • Equity Value of the company: Based on the indicative price range of between EUR9.2 and EUR12.2 per share, the implied Equity Value for 100% of the company is between EUR4.3 billion and EUR5.4 billion, resulting in an Enterprise Value of between EUR7.3 billion and EUR8.4 billion;
  • Total size of offering: Will represent at least 25% of the total share capital of the company post-Offering, and Amadelux Investments, S.à r.l., Lufthansa Commercial Holding GmbH and Société Air France will participate in the secondary offering pro-rata to the current number of shares they own. Amadeus’ other principal shareholder, Iberia Líneas Aéreas de España, has elected not to participate in the Offering;
  • Advisors:  Goldman Sachs International, JP Morgan and Morgan Stanley are acting as Joint Global Coordinators and Joint Bookrunners of the Offering. Rothschild is acting as financial advisor to Amadeus in connection with the offering. Amadeus has been advised by Freshfields Bruckhaus Deringer LLP on the Offering and the Joint Global Coordinators have been advised by Uría Menéndez, as to Spanish law, and Davis Polk & Wardwell LLP, as to US law.
  • Board of Directors:  Amadeus also announced the appointment of two independent members to its Board of Directors conditional on admission of its shares to trading: Guillermo de la Dehesa Romero and Clara Furse. In addition, Amadeus has announced its intention to appoint  Bernard Bourigeaud and David Webster in early May-2010 as independent members of its Board of Directors, increasing the total number of independent directors to four. [more]

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