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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.

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