KKR has agreed to buy a minority stake in travel booking platform provider Etraveli Group from CVC Capital Partners.
CVC acquired the Sweden-based company in 2017 from media group ProSiebenSat.1 for around €500 million. According to Bloomberg, this latest deal values Etraveli at €2.7 billion (about $3.1 billion).
Etraveli processes more than €15 billion in annual flight sales, with earnings approximately four times higher than at the time of the original investment.
Booking Holdings was previously reported to be in talks to acquire Etraveli from CVC for €1.6 billion in late 2023. However, the deal was later blocked by the European Commission, which expressed concerns that the transaction would hinder competition in the online travel booking market across the EU.
KKR has been active overseas in recent months as it seeks to offset challenges posed by the Trump presidency. Since new tariffs on imports into the US were announced, the firm has deployed over $10 billion, with more than half invested outside America, especially in Europe and Asia, specifically Japan.
Related: KKR plays offense, looks overseas amid tariff uncertainty
Backed by $116 billion in dry powder, KKR says around 90% of its portfolio companies have limited tariff exposure. The firm is using past crisis playbooks to maintain disciplined deployment and make selective exits.
Recently, KKR was revealed to be one of the bidders for UK-based precision equipment maker Spectris, submitting a £4.1 billion (about $5.6 billion) takeover bid.
Featured image by Jackyenjoyphotography/Getty Images
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