Lagardere: shopping in the United States

(Boursier.com) — Lagardère announces the signing today by Lagardère Travel Retail of an agreement for the acquisition of 100% of Tastes on the Fly.

Tastes on the Fly? which will join Paradies Lagardère, the North American division of Lagardère Travel Retail? operates restaurants and Food & Beverage services in the United States and Canada at 25 locations across five major airports.

This acquisition marks an important step in Lagardère Travel Retail’s ambition to develop its Foodservice activities in the region and consolidates its leading position.

The combination of the activities of Lagardère Travel Retail and Tastes on the Fly, which should achieve a turnover of $180 million in 2023, would allow the creation of a player generating $1.5 billion in annual revenue, i.e. second largest player in the North American Travel Retail and Foodservice industry.

The finalization of this transaction, which remains subject to the approval of the competent competition authorities and the satisfaction of other customary conditions, is expected to take place during the fourth quarter of 2023…