Fund Ardian sells 15.6% stake in eDreams to institutional investors

Paris-based private equity fund Ardian sold its 15.6% stake in Spanish online travel booking company eDreams Odigeo EDR in a private placement to institutional investors for an undisclosed amount, eDreams said on Friday.

"Ardian's decision to exit (eDreams) is due to legal obligations related to the maturity of the corresponding fund," eDreams said in a statement.

Ardian has owned a stake in the Spanish company for more than 12 years and was its second largest shareholder.

eDreams didn't disclose the price at which the stake - with a market value of about 70 million euros on Thursday, according to data from Refinitiv - was sold.

eDreams' shares are down 62% so far this year, according to Refinitiv.

Another fund, Permira, eDreams's largest shareholder, intends to keep its 25.1% stake, the company said.