Autogrill sells Alpha Flight (flight catering) to Dnata for £100 million

Friday, October 8, 2010 - 09:15

Milan , 08 October 2010- Autogrill S.p.A. (Milan: AGL IM) has reached an agreement with Dnata, a Dubai-based airport services company, over the sale of 100% of its UK subsidiary Alpha Flight Group Ltd. (originally part of Alpha Airports Group, acquired in 2007), a provider of flight catering services. Alpha Flight thus joins a specialist group that has the capability to support further growth. The sale is a development of existing relationships between Alpha Flight Group and Dnata, which started up in 2007 with a successful partnership in Australia. 

The transaction will be closed by 31st December 2010, subject to the approval of the anti-trust authorities and the consent, which the company deems to be a formality, of certain financing banks of the Autogrill Group.    

The agreement provides for the sale of 100% of Alpha Flight Group Ltd. and Alpha’s brands at a price of 100 million pounds sterling (€116.3m). The operation will bring about a reduction in Autogrill Group’s net financial indebtedness of around €162m.The price could be increased by an additional maximum amount of up to £6.5m under certain conditions.