Italy's Autogrill to sell U.S. motorways business for $375 million

FILE PHOTO: An Autogrill point is seen on the Grande Raccordo Anulare (Great Ring Junction) motorway in Rome, Italy, March 8, 2016. REUTERS/Max Rossi

(Reuters) - Italian caterer Autogrill SpA said on Wednesday it is selling its U.S. motorways business to a consortium led by Blackstone Infrastructure Partners for $375 million.

The sale of the business, which offers food and drinks from brands such as Starbucks and Burger King along motorways, is part of Autogrill’s plan set out in 2019.

The Benetton family-controlled group sold its Spanish operations to Barcelona-based restaurant group Areas in January, while its Canadian motorway travel centre operations were sold about two years ago.

Autogrill, which also runs catering business at airports, expects to close the deal in the summer of 2021.

Due to the sale, the company revised down its revenue guidance for this year and 2024.

It booked a 480 million euro loss last year when the pandemic emptied bars and restaurants it runs in airports and motorways.

Reporting by Sarah Morland in Gdansk; editing by Jonathan Oatis