Compass to use vending sales proceeds for stock repurchase

LONDON Contract foodservice giant Compass Group PLC has agreed to sell its Selecta European vending business to Allianz Capital Partners, a private equity firm, for approximately $1.53 billion, with much of the proceeds earmarked for a stock repurchase program.

The deal is expected to be completed by July.

Compass said it would return $990.9 million of the sale price to shareholders through an 18-month share buy-back program. In addition, the company

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