Roma – HMS Host, a subsidiary Autocrill, A Benetton family company, has signed an agreement to sell U.S. highway operations for $ 375 million. Purchasing is for a federation that is controlled and guided Blackstone Infrastructure Partners, Apple Green Limited and P&J Holdings.
This Agreement is subject to all subsequent closure (post-signature) changes and is essentially considering possible price increases. To earn Linked to 2022 and 2023 revenues.
The parties plan to close the operation in the summer of 2021 after obtaining the necessary government approvals and approvals from the owners of the property concerned (landowner).
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Presented by Aldo Fontanerosa
Includes HMShost’s U.S. Highway Business With offers from various brands such as Starbucks, Burger King and Fred, The group will continue to manage as a licensee on other channels; And retail deals in approximately 60 highway service areas in the United States.
Sales of the American Highway Business follow the sales of the Canadian Highway Business two years ago and are in line with the Group’s strategic objectives. Autocrill It also provides an opportunity to strengthen and strengthen the international leadership position and seize any market opportunities.
2021 Strategy and 2024 Objectives of the Group Autocrill Reviewed in light of the impact of sales. The cash flow of the 2021 strategy (guidance) excludes net income from sales of the U.S. highway business. Revenue for the 2021 guideline is expected to fall to 2.3-2.7 billion euros, compared to the previous indication of 2.4-2.8 billion, with household flows unchanged.
Revised 2024 targets reduced from 4.7 billion to 4.5 billion; Earnings ranging from +5% / + 5.6% to + 4.8% / + 5.4% will range from 120-150 million to 130-160 million for cash flow (Capex) and free cash flow.
Autocrill Confirms its intention to complete the announced optional capital increase to a maximum of $ 600 million. “The capital increase is currently expected to be completed by the end of the first half of 2021, where market conditions allow it, without any discrimination in the granting of the necessary approvals by competent authorities,” the company explains.
Autocrill “It aims to strengthen its international leadership position and provide sufficient financial flexibility to take advantage of the potential opportunities presented by the current market environment and its developments in the years to come.”