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Carlyle, Vista to sell Spanish travel company Orizonia for $182m

10 Dec 2012

Private equity firms Carlyle and Vista Group look set to sell debt-laden Spanish travel company Orizonia to its rival Globalia in a €141m ($182m) deal, it is understood.

Globalia agreed the purchase after Orizonia’s lenders cut their debt claims substantially according to Reuters, which said the debt had to be written down to €81m by December 12 for the deal to go ahead.

It said Carlyle and Vista bought into the business – then known as Iberostar – for about €900m in 2006, saddling it with about €640m of debt.

Globalia’s deal beat an earlier off from Spanish bank Santander’s private equity arm Vista Capital and ICG.

Last month The private equity arm of French insurance giant AXA participated in a €20m capital increase for Bravofly to help finance the European online travel agency’s acquisition of Spanish rival Rumbo.

Bravofly was founded in 2004 and allows internet users to search, compare and book airline tickets from low-cost and traditional carriers.

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