The European Commission approved Monday the creation of a joint venture between France's Axa and private equity firm Permira which will concentrate their existing online travel agencies.

AXA PE, a private equity firm that belongs to the AXA Group (CS.FR), currently controls GO Voyages. Permira controls eDreams. Together they will acquire Opodo and will create a joint venture to which they will contribute Go Voyages and eDreams. Opodo is currently owned by Spanish travel technology provider Amadeus.

The Commission found there would continue to be sufficient competition within the European Union, including from the likes of Air France-KLM S.A. (AF.FR) and Ryanair Holdings PLC (RYAAY).

-By Laurence Norman, Dow Jones Newswires; 32-2741-1481; laurence.norman@dowjones.com

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