Elior Group SA To Discuss Offer From PAI Partners For The Acquisition Of Areas M&A Call Transcript
Good morning, ladies and gentlemen. Thank you for attending this conference call on such a short notice. Today's announcement is a key step in the history of Elior Group, and I am pleased to discuss it further with you during this call.
Please go on Slide 3. As you will have read in our press release this morning, we have received a firm offer from PAI Partners for the acquisition of our concessions activities, regrouped in the Areas subsidiary. This values our concessions business at an enterprise value of EUR 1,542 million or 14.7x the 2018 EBITDA. Although we cannot disclose the 2019 enterprise value to EBITDA multiple, it is very much in line with industry average, [a lot of it above] the group's current multiple. Together with the Board, we believe that this offer reflects the fair value of Areas. Areas is a valuable asset that we have successfully developed over the years. Today, Areas is a world #3 in concessions, and it has a great development potential. We are confident that PAI is a right partner to further boost this potential.
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