Gate Gourmet acquires majority interest in Skygourmet

Gate Gourmet announced (11-Nov-2010) a JV agreement with India Hospitality Corp (IHC) to acquire a majority interest in Skygourmet, an airline caterer in India with a presence in seven major cities. For gategroup, this transaction is a major move into the Asian market and a strategic breakthrough into the world's second-fastest growing economy where airline traffic recently has been increasing at an average of about 20% p/a. The transaction closed on 11-Nov-2010 and is not subject to any further regulatory or shareholder approvals. gategroup has acquired a 74% interest in Skygourmet and the consideration is a combination of cash and assumption of debt. IHC, the parent company of Skygourmet, will retain a 26% interest. Further details remain confidential. [more]