Amadeus to buy corporate travel IT brand i:FAO
Amadeus is splashing the cash again – it is buying German corporate travel technology company i:FAO in a deal valuing the company at Euro 67 million.
The deal will see Amadeus buy 68.5% of the i:FAO share capital held on the Frankfurt Stock Exchange and will be subject to shareholder and regulatory approval in Germany.
The tender offer is for around Euro 15 per share and is subject to acceptance by 75% of i:FAO shareholders, representing after cash adjustments a value of Euro 67.2 million.
i:FAO’s flagship product is known as Cytric, a corporate travel buying software system which is customised for each client. Customers include a string of corporate giants including Canon, Ikea, PWC, Siemens and Electrolux.
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