The Swiss food group, Bon Appétit, is to sell its Passaggio subsidiary to Italy's Autogrill for SFr251 million ($150 million). Autogrill is part of the Benetton empire.
Under the terms of the deal, announced on Tuesday, Autogrill will pay cash for Passaggio, which is Switzerland's leading travel catering firm. The sale price is equivalent to Passagio's annual turnover of SFr252 million.
Bon Appétit said the sell off was in line with its plans to concentrate on developing its retail activities in Switzerland and France. Its joint venture with the United States coffee shop chain, Starbucks, is unaffected by the deal.
Under its new Italian bosses, Passaggio is expected to focus on improving its presence in the German-speaking countries.
Autogrill is Italy's leading fast food company, and also specialises in travel catering. It is owned by Edizione Holding, part of the Benetton empire. Last year, its turnover was SFr4 billion.
swissinfo with agencies