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London, Jan 2022 (Reuters)
U.S. private equity giant KKR has acquired the British rail ticketing platform Trainline.com from buyout firm Exponent for an undisclosed amount, effectively halting its anticipated London stock market debut, the companies announced on Thursday. Trainline had been among the first firms to declare plans for an initial public offering (IPO) in the new year, with a source close to the deal suggesting the company could have been valued at over £500 million ($756.5 million).
Exponent, the parent company of meat-alternative brand Quorn and handbag maker Radley, is currently preparing to float the British tool and equipment rental firm HSS Hire, which unveiled its IPO price range on Thursday.
Last year, several firms aiming for stock market debuts were instead acquired, including Norwegian cable operator Get AS, which was purchased in September by Danish telecom group TDC for 12.5 billion Danish crowns ($1.95 billion).
Private equity firms typically favor selling a company over listing it on the stock exchange, as it offers a faster and more streamlined exit strategy.
Founded in 1999, Trainline was acquired by Exponent in 2006 for approximately £160 million from a consortium that included Virgin, Stagecoach, and National Express. Its website attracts 20.8 million monthly visits, underscoring its popularity.
Trainline holds the distinction of being the most downloaded travel app in the United Kingdom. The company's adjusted core earnings (EBITDA) from its branded businesses climbed to £21 million in 2014, a significant increase from £14.3 million in 2013.