Lagardère Travel Retail is continuing its exit from the press distribution and integrated retail business, announcing that it has signed an agreement to sell its Belgium Distribution subsidiary to bpost group.
This transaction represents a new step in the announced strategy to focus on Travel Retail’s growth businesses.
This agreement will allow bpost to pursue to its growth strategy, based mainly on diversification through new activities in the convenience store sector.
The current bpost and Lagardère Travel Retail chains will retain their specific features and their product lines. A franchising agreement for the distribution and operation of Lagardère group brands (Relay, Hubiz, So Coffee, etc.) in Belgium will also be entered into between the two parties concerned.
The businesses covered by this divestment project generated consolidated revenues of about €440m in 2014.
The closing of the deal is subject to obtaining the consent of competition authorities.
ABOUT LAGARDÈRE TRAVEL RETAIL:
One of the four divisions of Lagardère Group, Lagardère Travel Retail is a pioneering global leader in the travel industry. Operating 4,300 stores across Travel Essentials, Duty Free and Foodservice in airports, railway stations and other concessions in 30+ countries worldwide, Lagardère Travel Retail generates a €3.6bn turnover1.
Lagardère Travel Retail has a unique holistic approach aimed at exceeding travelers' expectations throughout their journey and optimizing landlords' assets and partners' brands.
1100% Consolidated Sales - 2014 Pro-forma view including Gerzon, Airest and Paradies sales for FY2014