Private equity firms make a deal for European airline services firm.

Warburg Pincus has sold European airline services giant Accelya to private equity giant Vista Equity Partners. Multiple reports also valued the deal at €1.5 billion.

Reuters first reported news that Warburg Pincus sold the Spanish firm after two years of backing it.  The buyout firm launched an auction during the summer to locate a new owner.

The firm purchased Accelya from French PE ship Chequers Capital in 2017. It found quick success after merging with Dubai-based travel services firm Mercator. Further, Accelya counts roughly 275 airline clients, including Ryanair, EasyJet, British Airways, and Lufthansa.

“We are proud to have supported Accelya through a transformative period of organic and acquisitive growth, creating a truly world-class business,” said Adarsh Sarma and David Reis, Managing Directors of Warburg Pincus.

Warburg Pincus and Vista Equity Partners Deal

Meanwhile, Vista Capital Partners CEO Robert Smith praised Accelya after the deal. He said the firm was “at the forefront of innovation and positioned to shape the airline and travel industry for decades to come.”

That said, the deal is a bit outside the box for Vista Capital. Its portfolio traditionally focuses on software companies. It recently attempted to purchase the data analytics giant Kantar from WPP. However, Bain Capital won the bid for that firm.

Finally, this is the first purchase for Vista’s permanent capital investment fund Vista Equity Partners Perennial.

Related: U.S. Private Equity Fundraising Hits New Record