Credit Suisse First Boston is leading the auction process for Amadeus, the listed software group for the travel industry, as adviser to Iberia, one of the three national airlines hoping to sell down their combined 46.7% stake.

Amadeus secured first round bids from eight rival buy-out houses for an auction that values the firm at up to €4bn ($5.15bn). The group, which is listed in Madrid, has a market capitalisation of €3.79bn.