Addition of a leading provider of travel management solutions for corporations will allow Amadeus to tap into a fast-growing marketAmadeus, the leading technology partner to the travel industry, today announced its intention to acquire i:FAO through a tender offer process, conditional upon acceptance by a minimum of 75% of shareholders and regulatory approvals. Mr Louis Arnitz, the Chief Executive Officer of i:FAO Group, and other major shareholders have committed to sell their shares into the tender offer to be launched by Amadeus.
In total, Amadeus has secured 68.5% of i:FAO’s share capital in the form of irrevocable undertakings to tender. i:FAO Group is a leading provider of travel management technology solutions for corporations in Germany and is traded on the Frankfurt Stock Exchange.
“This deal extends our reach and further develops our offering in a key area, and will significantly increase our growth opportunities in the Corporate Travel IT business”, said Holger Taubmann, Senior Vice President, Distribution, at Amadeus. “Corporations are one of the biggest consumers of travel services, and they account for about 45% of all trips made worldwide. The Corporate Travel IT business - focused on providing corporations with applications to help automate travel policy, handle their booking flow and simplify the travel expense claim process – is currently estimated at around €2 to €3 billion a year, with significant growth expected over the next years”.
“Since 1998, i:FAO has developed into a leading Corporate Travel IT company in the German speaking countries – Germany, Austria, Switzerland –, with a growing presence in the United Kingdom, Scandinavia and Central Europe”, said Mr Louis Arnitz, Founder and Chief Executive Officer of i:FAO Group. “Our experience, though, tells us that, more and more, global end-to-end travel IT solutions are critical for big multinational corporations’ requirements. Becoming part of a truly global leader in the travel industry with Amadeus, will allow us to develop the ability to meet our customers’ requirements worldwide.”