Italian Firm to Buy Host Marriott Services

Autogrill, an Italian company that controls Europe’s largest restaurant group catering to travelers, agreed to acquire U.S. rival Host Marriott Services Corp. for $529 million. Autogrill, which is controlled by the Italian family that runs the Benetton clothing empire, said Host Marriott’s board has decided to back its offer of $15.75 a share. Host Marriott, which was spun off from the Marriott hotels chain in 1995, operates concessions at more than 70 U.S. airports as well as at shopping malls and toll roads. The franchises it operates include Burger King, Pizza Hut and Starbucks. A combination of sales worth $2.6 billion would make the group the largest concession holder in airports and toll roads worldwide, Autogrill said. Shares of Host Marriott Services, based in Bethesda, Md., jumped $5.73 to close at $15.48 on the New York Stock Exchange.