Elior: PAI Partners makes firm offer for Areas
(CercleFinance.com) - Elior Group announces that it has received a binding offer from PAI Partners for the acquisition of its concession catering business grouped within its subsidiary Areas, representing an enterprise value of 1,542 million euros.
With 23,000 employees in 13 countries, these businesses generated sales
of 1,832 million euros in FY 2017-18. The final completion of this sale
is subject to the usual conditions precedent and is set to occur this
summer.
Elior will use the proceeds from the sale to reduce its gearing to
between 1.5 and 2x Ebitda. It could then support its development in its
new scope, repurchase its own shares and pay dividends.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
With 23,000 employees in 13 countries, these businesses generated sales
of 1,832 million euros in FY 2017-18. The final completion of this sale
is subject to the usual conditions precedent and is set to occur this
summer.
Elior will use the proceeds from the sale to reduce its gearing to
between 1.5 and 2x Ebitda. It could then support its development in its
new scope, repurchase its own shares and pay dividends.
Copyright (c) 2019 CercleFinance.com. All rights reserved.