Applegreen Secures Controlling Stake In Welcome Break
Forecourt retailer Applegreen has completed its acquisition of a controlling stake in UK motorway service and hotels operator Welcome Break.
In a statement on Applegreen's website, the Irish business said that it will now be responsible for 'strategy and operational matters' at Welcome Break.
The deal, worth €360 million, was first announced by Applegreen at the beginning of August.
Applegreen said that it has entered into discussions with Arjun Infrastructure Partners (AIP), the other major shareholder in Welcome Break, regarding a further motorway service area asset which 'may be transferred by Applegreen to Welcome Break for additional equity in Welcome Break and a corresponding cash investment by AIP'.
Further to this, the company confirmed that, as part of the completion, a number of additional early-stage UK pipeline assets, including the additional asset, have been transferred by Applegreen to Welcome Break alongside the Applegreen UK Business Transfer Assets.
The value attributed to these early-stage assets is approximately £7.6 million, and Applegreen will receive additional equity in Welcome Break on, or before, 31 December 2018 as consideration for the additional transfer.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.