Autogrill in agreement to acquire 61.5% of Carestel, the leading concession operator in Belgium, to be followed by cash take over bid at the same conditions

  • 5,463,243 shares at €5.00 per share worth a total €27,3m, subject to representations and warranties
  • Enterprise value of €46,9m, between 7 and 7.5 times 2006 estimated Ebitda, based on Autogrill's projections
  • Closing expected in the last quarter of 2006, upon the satisfaction of certain conditions precedent including completion of the Belgium anti-trust clearance
  • A cash take-over bid at the same conditions will be made for all the remaining shares and warrants of Carestel, with a view on de-listing from Euronext Brussels
Tuesday, June 27, 2006 - 18:44

Milan/Brussels, 27 June - 2006 Autogrill S.p.A. (Milan: AGL IM), the world's leading provider of food&beverage and retail services for travellers, signed an agreement today to take a 61.5% stake in Carestel Group N.V. (Euronext Brussels: CARB BB), Belgium's top f&b concession operator, from Assart N.V. and Megafood Participations S.à.r.l., the two holding companies who control it.