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Compass Group (CPG)

Share Price:
Up 2,057.00p
Change Today:
19.00p
Market Cap:
32,632m

Compass to buy Nordic food catering business Fazer Food

11 Jun 19

LONDON (ShareCast) - (Sharecast News) - Compass Group has agreed to buy Nordic food catering business Fazer Food Services for around €475m.
The initial cash consideration is estimated at around €420m, with the remaining deferred consideration payable within seven years.

Compass said the deal is "very attractive" for the group, which already a presence in the region.

The company's chief executive officer, Dominic Blakemore, said: "Fazer Food Services is a highly regarded food service business in the Nordic region, and like Compass, is focused on high-quality food, culinary innovation, sustainability and great customer service.

"I am excited that, together with our existing colleagues in the region, we will be able to further enhance our customer proposition in the Nordic market."

Meanwhile, Fazer Group's President and CEO, Christoph Vitzthum, said: "We believe Compass will provide a great home for Fazer Food Services. It is a leading food services business with a global reach and a strong purpose.

"Our two companies share similar values with a clear focus on food, outstanding customer service and a commitment to people. Whilst we are sad to see many of our colleagues leave Fazer Group to join Compass, we believe this acquisition will allow Fazer Food Services to achieve its full potential."

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Market Data

Currency UK Pounds
Price 2,057.00p
Change Today 19.00p
52 Week High 2,110.00p
52 Week Low 1,483.00p
Volume 409,894
Shares Issued 1,586.37m
Market Cap 32,632m

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