Autogrill enters Frankfurt Airport and acquires 49.9% of Steigenberger Gastronomie G.m.b.H.

  • €2.75m plus a variable price of up to €1.25m, against sales of €9.4m in 2004;
  • an exclusive call option on the remaining 50.1% to be exercised between 1st January 2007 and 31st December 2009, for the same amount and conditions;
  • HMSHost Europe as the operating company;
  • The number of countries where Autogrill operates rises to 15.
Wednesday, March 16, 2005

Milan, 16 March 2005 - Autogrill S.p.A. (Milano: AGL IM) enters Frankfurt Airport, Europe’s second busiest, by acquiring 49.9% of Steigenberger Gastronomie G.m.b.H., the German hub’s traditional catering operator.
Through Autogrill Deutschland G.m.b.H., Autogrill today signed a sale and purchase agreement with Steigenberger Hotels AG, a leading German hotel group, to acquire a minority stake in the wholly-owned subsidiary Steigenberger Gastronomie, with an exclusive call option on the remaining 50.1% to be exercised between 1st January 2007 and 31st December 2009.
Under the terms of the agreement, Autogrill will pay €2.75m for the 49.9% share of the company and subsequently a variable price of up to €1.25m tied to the renewal of some concessions soon to expire.