Save Sells 50 Pct Of Food Unit To Lagardere

September 19, 2013

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Italian airport operator Save said on Thursday it had agreed to sell 50 percent of its food services unit Airest to Lagardere Services as part of a partnership deal to develop its brands globally.

Save, which operates Venice airport, said in a statement that the binding agreement was based on an enterprise value for Airest of EUR€110 million (USD$149 million).

In 2012, Aires generated sales of EUR€198 million and a core profit of EUR€11 million, while net debt was EUR€47 million.