Compass confirms 772.5 mln stg Selecta sale |
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Published
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Sun, 13 May 2007 16:04
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LONDON (Thomson Financial) - UK contract catering giant Compass Group PLC this afternoon confirmed the 772.5 mln stg disposal of its Selecta vending machine business to German private equity firm Allianz Capital Partners.Some 500 mln stg of the proceeds will be channeled into a new share buyback programme over the next 12-18 months, said Compass in a statement.The group will pay some 45 mln stg into the UK pension fund, with the remainder to be used to reduce net debt.Selecta was put up for sale in November, and was expected to fetch around 600 mln stg, according to analysts.Last year the company announced some 500 mln stg in stock repurchases following the disposal of its SSP and Moto subsidiaries.Compass is due to report interim results this Thursday.simon.duke@thomson.comsd/cmlCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Compass to unveil Selecta disposal, extra share buybacks this week - report 