Buyout major Warburg Pincus is reportedly set to sell its European airline services business, Accelya, after appointing Bank of America as an advisor.
The potential deal could value the Accelya up to €1.5bn, two sources familiar with the matter told Reuters.
Warburg has planned to launch the auction process for selling Accelya after the summer, the sources added.
The company is expected to appeal to trade buyers and other private equity firms, the sources said.
Warburg picked up the business from Chequers Capital two years ago, to merge with its airline management, finance and IT services provider Mercator. Warburg initially bought the Dubai-based Mercator back in 2014.
Around the time of the merger, the combined company was set for close to $200m of annual revenue, Warburg said.
The Barcelona-headquartered company provides financial, commercial and analytics services for the airline and travel industries.
After being founded in 1976, Accelya now manages more than 5 billion financial transactions and 75 million tons of cargo annually, the company said on its website.
Warburg has raised 19 private equity funds since launching in 1966 and currently has more than $62bn in assets under management.
The New York-headquartered firm’s co-CEO Joe Landy is preparing to transition out of the role after co-leading the firm for almost 20 years, a source told AltAssets last month.
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