Plus   Neg

Elior Gets EUR 1.54 Bln Offer For Areas Unit From PAI Partners

Elior Group (ELROF.PK), a French operator in the catering and support services, announced Wednesday that it has received a 1.54 billion euros binding offer for its concession catering operations grouped within its Areas unit from PAI Partners.

In the coming weeks, the company will conduct the required information-consultation procedure with the employee representative bodies.

The closing of the transaction, subject to usual conditions, is expected to take place during summer 2019

Areas, which employs 23,000 people in 13 countries, generated 1.83 billion in revenue in fiscal 2017-2018.

Elior expects to use the the sale proceeds to reduce its leverage ratio to a range between 1.5 and 2.0 times EBITDA.

Following the disposal, Elior expects to focus entirely on its contract catering and services businesses.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Whole Foods Market stores have recalled Decorated Red Apple Cookies as they may contain undeclared egg. People who have an allergy or severe sensitivity to these allergens run the risk of serious or life-threatening allergic reaction if they consume these products. The cookies were sold by the... Norwex has announced voluntary recall of about 58,000 rubber brooms due to laceration hazard. According to the company, handles of the recalled brooms can break in half, exposing a metal inner rim, posing a laceration hazard to the user. The recall involves extendable indoor/outdoor white rubber... Amazon.com Inc. has expanded its AmazonFresh grocery delivery service to three new cities. Beginning today, Amazon Prime members in Houston, Minneapolis and Phoenix can shop thousands of products, ranging from meat and seafood to fresh produce and everyday essentials. The groceries will be delivered to their homes in two hours or less, with options for one-hour and two-hour delivery.
Follow RTT