.jpg)
2 hours ago
1
HBX Group International Plc, the travel technology firm known for its Hotelbeds brand, announced plans for an initial public offering on the Spanish stock exchanges.
Author of the article:
Bloomberg News
Pablo Mayo Cerqueiro
Published Jan 16, 2025 • 2 minute read
(Bloomberg) — HBX Group International Plc, the travel technology firm known for its Hotelbeds brand, announced plans for an initial public offering on the Spanish stock exchanges.
Article content
Article content
The company is looking to raise as much as €725 million ($747 million) from selling new shares in the IPO, and will use the proceeds in part for reducing its debt, HBX said in a statement. Backers Canada Pension Plan Investment Board, Cinven and EQT plan to offer existing shares in the deal as well, without specifying the amount.
Advertisement 2
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Cinven and Canada Pension Plan Investment Board acquired HBX — then known as Hotelbeds — in 2016 from travel group TUI AG for about €1.2 billion. Its IPO could raise around €1 billion or more, while HBX may seek a valuation as high as about €5 billion, Bloomberg News has reported.
Hotelbeds is a wholesale platform connecting hotels with travel agencies, airlines and tour operators. HBX Group’s other brands include Bedsonline and Roiback. The company is active in about 170 countries and employs more than 3,600 people, its website shows.
Alongside the offering, the company said it plans to refinance roughly €1.7 billion of existing debt at lower rates through a pair of term loans and a revolving credit facility.
HBX said it expects revenue of €750 million to €790 million for the 2025 fiscal year, up from €693 million in 2024. Its total transaction value is expected to grow by as much as 16%, after reaching €7.7 billion in 2024.
The offering is being led by Bank of America Corp., Citigroup Inc. and Morgan Stanley, according to terms seen by Bloomberg.
Bankers are counting on listings like HBX to kickstart the Spanish IPO market after hopes fueled by Puig Brands SA’s nearly $3 billion IPO last year eventually fizzled out. The stock slumped in the ensuing trading and other candidates like Europastry SA called off their debut plans.
Along with HBX, casino operator Cirsa Enterprises is also preparing to launch an IPO in Spain as soon as the first half of 2025, Bloomberg News has reported.
—With assistance from Bre Bradham, Andre Janse van Vuuren, Macarena Muñoz and Rodrigo Orihuela.
(Updates to add additional details throughout.)
Article content
English (US)