GATE GOURMET BUYS MAJORITY STAKE IN SKYGOURMET

Global airline catering company Gate Gourmet has acquired a majority interest in Indian airline caterer Skygourmet. The UK caterer has acquired a 74% stake interest in Skygourmet from India Hospitality Corporation (IHC) for $39 million in a combination of cash and assumption of debt deal. IHC is also to receive an additional payment in connection with the sale of certain land in Delhi owned by Skygourmet. The parent company will retain a 26% interest in the Indian caterer. Guy Dubois, CEO of Gate Gourmet, says “The Skygourmet acquisition fits perfectly with our growth strategy and with our objective to add