- The Enterprise Value of the two transactions is €1,070 million, representing a multiple of 12.2x on the combined pro-forma 2007 Ebitda pre-synergies
- The two transactions will be funded through fully committed new debt facilities
- The integration of Aldeasa, WDF and Alpha Group will enable the Autogrill Group to achieve synergies of about €40 million a year by 2011
- The two acquisitions will be Earnings Neutral in 2008 and Accretive from 2009 (post-exceptional items and excluding the impact of amortization)
Milan, 10 March 2008 - Autogrill (Milan: AGL IM) is pleased to announce the acquisition of the remaining 49.95%* of Aldeasa S.A. from Altadis S.A., bringing its stake in Aldeasa to 99.90%, and the acquisition of 100% of World Duty Free Europe Limited from BAA Limited.
These acquisitions follow on from the purchase of 49.95% of Aldeasa in 2005 and of Alpha Group Plc. in 2007.
These landmark transactions are a major step in the growth path of Autogrill, from a single country food service provider to a global travel service provider for “people on the move”. Autogrill strengthens its presence in the fast growing travel retail market segment, maintaining its operational and strategic focus.
*Autogrill and Altadis each held 5,380,491 ordinary shares with voting rights, ie. 49.95% of the Spanish company’s share capital. In April 2005, the remaining 11,480 ordinary shares were issued in occasion of the merger of Aldeasa with the bidder Retail Airport Finance in exchange for Aldeasa’s residual shares in circulation, because at that time there was no squeeze-out law in Spain.