KASP sells 65% stake in Amadeus Kuwait

Local technology firm hands over controlling interest to Madrid-based Amadeus IT Group

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By  Vineetha Menon Published  November 26, 2008

Local information technology company Kuwait Application Service Provider Company (KASP) has sold a 65% stake in Amadeus Kuwait WLL to Amadeus IT Group SA.

Based in Madrid, Amadeus IT Group is a leading provider of global reservation systems to the travel industry. The company was acquired by WAM Acquisition in 2005, a group that is led by BC Partners, Cinven, Air France, Iberia and Lufthansa.

Amadeus Kuwait WLL was established in 2003 as a joint venture between the Amadeus IT Group and KASP, and is responsible for marketing and distributing travel solutions locally.

Independent financial advisory firm GulfMerger counseled KASP through the deal, which involved an undisclosed amount. KASP spokesperson, Suhail Homsi, only revealed that the “sale value represented an attractive return on investment for KASP shareholders.

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