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ProSiebenSat.1 Media SE bought Etraveli Holding AB in a deal valuing the Swedish online travel agency at about 235 million euros ($267 million) as the German broadcaster expands its digital operations.
ProSiebenSat.1 acquired Etraveli from private-equity investor Segulah IV LP, the broadcaster, based near Munich, said Monday in a statement. The deal is the largest international e- commerce investment for ProSiebenSat.1 so far as the company seeks to grow beyond its TV business.
Etraveli, which operates in 40 countries, provides airline tickets, hotel accommodation and car rentals under websites including Seat24, Supersaver and Travelstart. Its sales topped 640 million kronor($78 million) last year and revenue rose 34 percent in the first six months of 2015.
The transaction is subject to approval from competition authorities. Arma Partners LLP acted as financial adviser to Etraveli and Segulah.
This article was written by Stefan Nicola from Bloomberg and was legally licensed through the NewsCred publisher network.