Europe firm to lead management buyout of OAG

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OAK BROOK, Ill. -- Electra Partners Europe agreed to lead a management buyout of OAG Worldwide.

The buyout, which is subject to certain terms and conditions, could be completed later this summer, a source said.

OAG publishes the Official Airline Guide and a variety of airline schedule databases and provides airline data to the CRSs and airlines, including customized timetables and market analysis of flight schedules and related data.

OAG Worldwide is a division of Reed Business Information and a unit of Reed Elsevier, which is the parent of Travel Weekly.

A June 25 OAG memo to employees announced the outline of the sale and the appointment of Les Higgins as the chief executive, replacing Paul Virik.

Higgins, who most recently was chief operating officer of Harper Collins, was working in OAG's headquarters in Dunstable, England, June 28, but was unavailable for comment.

"Les, backed by Electra Partners Europe, will be leading a purchase of the business subject to certain conditions being satisfied under terms agreed with Reed Elsevier," the memo said.

Electra Partners focuses on buyouts and turnarounds, including midmarket transactions, primarily in Europe.

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