The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control over Gategroup Holding AG of Switzerland by Temasek Holdings (Private) Limited of Singapore.
Gategroup provides in-flight catering and retail on board services as well as related services.
Temasek is an investment company, active in a broad spectrum of industries, including financial services, telecommunications, media, transportation, real estate, energy and life sciences.
The Commission concluded that the proposed acquisition would raise no competition concerns, because Temasek already had joint control of Gategroup and the change to sole control would have a limited impact on the market. The transaction was examined under the simplified merger review procedure.
In September 2019, gategroup Holding AG announced that Temasek has converted its mandatory exchangeable bond and acquired additional shares resulting in a 50% stake in gategroup.
Temasek is a recognized, long-term investor headquartered in Singapore, with an impressive shareholder’s return track record.
gategroup is the global leader in airline catering, retail-on-board and hospitality products and services. We provide passengers with superior culinary and retail experiences, leveraging innovation and advanced technology solutions. Headquartered in Zurich, Switzerland, gategroup delivers operational excellence through the most extensive catering network in the aviation industry, serving more than 700 million passengers annually from over 200 operating units in over 60 countries/territories across all continents. In 2019, gategroup reached CHF 5.0 billion in revenues generated by approximately 43,000 employees worldwide.
