Friday, September 16, 2016
Expedia picks banks for Trivago float: sources
FRANKFURT (Reuters) - Online travel firm Expedia has picked advisors for the planned stock market listing of its Trivago travel search site, sources familiar with the matter said.
Expedia has tasked JP Morgan, Goldman Sachs and Morgan Stanley as global coordinators for the initial public offering (IPO) on the U.S.-based Nasdaq, which will likely take place this year or early 2017, the sources said.
Citi, Bank of America and Deutsche Bank are acting as bookrunners, the sources said.
The banks declined to comment or were not immediately available for comment. Expedia was not immediately available to comment.
Expedia Chief Executive Dara Khosrowshahi told investors in July that management and Trivago's founding team had agreed to an IPO to value Trivago as a stand-alone company.
It interviewed banks for potential roles in the IPO earlier this month.
The hotel search platform was founded in 2005 in Duesseldorf, where it remains headquartered, and is one of Germany's most successful start-ups of the past decade.
Expedia said in July that on a trailing 12-month basis Trivago had generated revenue of more than $660 million and that revenue had grown sixfold since it acquired Trivago in 2012.
(Reporting by Arno Schuetze; editing by David Clarke)