John Graham, chief executive at the Canada Pension Plan Investment Board, speaks at the Canadian Chamber of Commerce's Annual General Meeting and Convention, in Ottawa, on Oct. 14, 2022.Sean Kilpatrick/The Canadian Press
Buyout fund Cinven and Canadian pension fund CPPIB have hired Morgan Stanley and Evercore to prepare an initial public offering for Hotelbeds, Expansion newspaper reported on Friday citing unidentified market sources.
Hotelbeds, a company based in Palma de Mallorca which sells hotels rooms to wholesale customers such as travel agencies and tour operators, is worth between €4.5-billion and €5.5-billion ($4.89-billion-$5.97-billion), Expansion said.
Cinven and CPPIB, which bought Hotelbeds from German tourism group TUI in 2016 in a deal worth €1.17-billion, could opt for a direct sale, the newspaper said.
Spokespeople at Hotelbeds, Cinven, CPPIB, Morgan Stanley and Evercore did not immediately return messages seeking comment.