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Elior: completes sale of subsidiary Areas

( - Elior announces the sale of its subsidiary Areas, which combines the group's concession business, to PAI Partners.

The transaction generated a net total of around 1.4 billion euros - corresponding to an enterprise value of 1.542 billion euros - of which 70 million euros are subject to a remunerated vendor credit.

The capital gain recorded from this divestment amounts to around 200 million euros, with no fiscal impact for the group.

Philippe Guillemot, Elior Group's CEO, said, "We now have more resources to support our expansion in Europe (France, Italy, Spain and the United Kingdom), as well as in the United States and India. Our main objectives are to get organic growth back on track by 2020 and improve our profitability as from the second half of this fiscal year."

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