Business
SSP completes purchase of 49% stake in Indian JV
SSP completes purchase of 49% stake in Indian JV.
About this update from Ssp Group Plc
[{"type":"text","content":"\n \nRNS Number : 8193W SSP Group PLC 23 April 2019 \n\n23 April 2019\n \nSSP completes the purchase of 49% stake in Indian joint venture\n \nSSP Group plc, a leading operator of food and beverage outlets in travel locations worldwide, has completed the planned acquisition of its 49% stake in Travel Food Services Private Limited (\"TFS\"), one of India's largest travel food companies.\n \nIn line with the terms of the acquisition originally announced in October 2016, SSP agreed to create the joint venture with K Hospitality Corp, a leading player in the F&B industry in India, and acquire a 49% stake in two stages. The acquisition of the initial 33% stake completed in March 2017, and today's announcement confirms the completion of the second stage of the agreement, to acquire a further 16% stake. \n \nThe acquisition provided an entry point for the Group into the Indian market and is in line with the Group's strategy as set out at the IPO, which included expansion into new markets which offer the opportunity for value-creating growth. TFS has performed well since the onset of the partnership, and the combination of SSP's international expertise in the travel sector and TFS' strong local presence continue to provide an excellent platform for future growth in the Indian travel market. \n \nEnds\n \n \nFurther information:\nSarah John\nInvestor Relations Director SSP\n+ 44 (0)7736 089218 \[email protected]\n \nBusiness and Financial media:\nPeter Ogden / Lisa Kavanagh \nPowerscourt\n+44 (0)20 7250 1446\[email protected] \n \nTrade media:\nClare Williams\nTemplemere PR\n+44 (0)1306 735574\[email protected] \n \nNOTES TO EDITORS\n \nAbout SSP\n \nSSP is a leading operator of food and beverage concessions in travel locations, operating restaurants, bars, cafés, food courts, lounges and convenience stores in airports, train stations, motorway service stations and other leisure locations. SSP has more than 37,000 employees and serves approximately one and a half million customers every day.\n \nSSP operates an extensive portfolio of more than 500 international, national, local and own brands in more than 30 countries around the world. The group was owned by the private equity business EQT until 2014 when it floated at t...