Key Takeaways
- KKR acquired CVC Capital Partners.
- Sector: Technology Software & Gaming.
- Geography: Sweden.
Analysis
TravelKKR has acquired a significant minority stake in Etraveli Group, a leading travel technology platform backed by CVC Capital Partners, in a deal that values the Swedish company at approximately €2.7 billion.
The investment, made through KKR’s Strategic Investments Group, will support Etraveli’s global expansion and ongoing product development. The platform specializes in custom capital solutions for high-growth businesses and long-term strategic partners.
Headquartered in Stockholm, Etraveli operates a network of online travel brands, including Gotogate, Mytrip, and Flightnetwork. It processes nearly 50 million airline ticket transactions annually across 75 global markets.
Etraveli also powers flight booking infrastructure for major travel platforms such as Booking.com, Radisson Hotel Group, and TUI. The company currently facilitates more than €15 billion in annual flight sales.
CVC first acquired Etraveli in 2017 from ProSiebenSat.1 Media SE. Since then, the business has seen its earnings quadruple, supported by robust consumer demand for online travel solutions.
A prior attempt to sell Etraveli to Booking Holdings for €1.6 billion was blocked in 2023 by EU regulators due to competition concerns.
KKR’s latest move aligns with its broader strategy of investing in high-quality European assets that offer strong fundamentals through economic cycles. The firm has recently completed key transactions in the region, including Karo Healthcare, a leading Swedish consumer health company, and OSTTRA, a global market infrastructure provider.
KKR is also actively pursuing the take-private of UK-listed Spectris, a prominent testing and measurement group, further signaling its commitment to the European private equity market.