- Food service group Compass signed an agreement with Fazer Group to acquire Fazer Food Services in a deal worth approximately €475m.

'Fazer Food Services is a highly regarded food service business in the Nordic region, and like Compass, is focused on high-quality food, culinary innovation, sustainability and great customer service,' said Dominic Blakemore, CEO of Compass Group.

'This is a very attractive acquisition for Compass Group which already has a presence in the region,… and would enable Compass to create more compelling and innovative solutions for its clients and consumers,' the company said.

Over the twelve-month period to 30 April 2019, Fazer Food generated turnover of €593.0m and earnings (EBITDA) of €39.8m.

The initial cash consideration was estimated to be €420m with the remaining deferred consideration payable within seven years should Fazer meet earn-out performance milestones.

The proposed acquisition required EU Commission competition approval, a process which could take several months, Compass said.

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