Regulatory News:
Sodexo (PARIS:SW) (OTCBB:SDXAY) announced today that it has signed a binding agreement with Burkart Verwaltungen GmbH to acquire more than 90% of Zehnacker Group, one of the leading independent providers of Facilities Management services in Germany. Pursuant to the transaction, the Burkart family will retain a participation through their family–owned holding company.
Completion of the transaction remains subject to several conditions, including approval by relevant competition authorities. Sodexo expects to close the transaction around the end of calendar year 2008. Consideration for the Zehnacker group will be in the order of €190 million which will be paid from the Group´s existing cash balances.
Founded in 1933 by the Burkart family, Zehnacker Group is today the leading German integrated facilities management services provider for the health care segment, with unique expertise and innovative solutions. In 2007, the Zehnacker Group generated around €250 million revenues. Through its affiliate GA–TEC, Zehnacker Group also provides technical maintenance and engineering services to health care and corporate clients in Germany. Additionally, the Group provides a similar range of Facilities Management services in Austria, Switzerland, and Poland.
Sodexo CEO, Michel Landel, declared: "This acquisition represents a significant step in the implementation of Sodexo´s strategy, strengthening our ability to provide global integrated service solutions to European clients, and specifically in the very attractive German health care market. It reinforces Sodexo´s recognized worldwide leadership in the health care and education markets, which have less exposure to economic cycles and provide the strongest potential for growth".
About Sodexo
Sodexo, founded in 1966 by Pierre Bellon, is a world leader in Food and Facilities Management services, with more than 342,380 employees on 29,000 sites in 80 countries. For Fiscal 2007, which closed August 31, 2007, Sodexo had revenues of 13.4 billion euro. Listed on Euronext Paris, the Group´s current market capitalization is 6.7 billion euro.
