Great Hill Partners has sold London and Copenhagen-based Momondo Group, an operator of flight and hotel comparison platforms, for about $550 million in cash. The buyer was The Priceline Group Inc.
BOSTON, July 24, 2017 /PRNewswire/ — Great Hill Partners has finalized the previously disclosed sale of Momondo Group Ltd to The Priceline Group Inc. (NASDAQ: PCLN) for approximately $550 million in cash. Headquartered in London and Copenhagen, Momondo Group operates leading global flight and hotel comparison platforms under its two brands, Momondo and Cheapflights.
Michael Kumin, Managing Partner at Great Hill Partners, commented: “We are proud to have partnered with Momondo Group to help build one of the most dynamic companies in the global online travel market, serving a loyal base of consumers across the globe. We would like to thank Hugo Burge and the entire management team for their outstanding execution in rapidly growing the company, and building intuitive products with a relentless focus on delighting the customer.”
Hugo Burge, outgoing CEO of Momondo Group, added: “I want to thank Great Hill Partners for their support in helping us reach a leadership position in the metasearch market since 2013. They have been an invaluable partner in facilitating our global expansion and supporting our purpose driven strategy behind the continued development of our leading Momondo and Cheapflights brands. I’m glad to have had the opportunity to work with them to a highly successful outcome.”
About Great Hill Partners
Great Hill Partners is a private equity firm that has raised over $5 billion in commitments since inception to finance the expansion, recapitalization, or acquisition of growth companies in a wide range of sectors in business-to-business and business-to-consumer industries including software, financial and healthcare technology, digital media, eCommerce, and internet infrastructure. Great Hill targets investments of $25 million to $200 million. For more information, visit www.greathillpartners.com.