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SSP buys Australia's ARE for undisclosed sum
(Sharecast News) - Travel food outlet operator SSP Group on Monday said it had bought Airport Retail Enterprises in Australia for an undisclosed sum. Founded in 1971, privately-owned ARE is a food and beverage operator, with annualised sales in the region of AUD $200m (£100m) from 62 outlets, principally bars, casual dining restaurants and cafes, across seven Australian airports.
SSP said the acquisition was part of its plan to accelerate growth in the Asia Pacific region and will see the group enhance its presence in Australia.
From 2023 to 2030, international passenger air traffic in Australia is expected to grow by an average of 10% a year, with domestic passenger numbers expected to grow by an annual average of 3-4%.
The acquisition is expected to complete by the end of June, subject to necessary approvals including regulatory clearance and client consents.
Reporting by Frank Prenesti for Sharecast.com
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