SSP Group PLC - London-based travel food and beverage outlet operator - Buys Midfield Concession Enterprise Inc for an undisclosed sum to expand its presence in North America at airports. MCE operates a portfolio of brands, which is consistent with SSP's focus in North America on bringing local restaurants to the airport. Says through MCE, it adds 40 new units at seven airports. Expects the acquisition to contribute to an additional of USD100 million to revenue in its North America business. Expects completion in late summer.
SSP America Chief Executive Officer Michael Svagdis says: "SSP America is well positioned to pursue ongoing strategic growth, given our investment in developing a talented team of food travel experts who are passionate about bringing a 'taste of place' to airports. This acquisition is the latest step in our efforts to expand our presence at a diverse mix of airports across North America. We are truly looking forward to working with the Midfield team during this transition."
Current stock price: 253.80 pence, down 0.3% on Thursday afternoon in London
12-month change: up 6.0%
By Xindi Wei, Alliance News reporter
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SSP Group (SSPG)