Hudson Group has terminated its previously announced acquisition to buy a majority stake in the assets of US-based food and beverage (F&B) concessions operator OHM Concessions Group.
Hudson originally agreed to buy a majority stake in the assets on October 31, 2019 for an unannounced sum. The acquisition would have added approximately 60 additional food & beverage units to the 50 then operated by Hudson and expand its North American footprint.
The deal was expected to become final during the fourth quarter of 2019 or the first quarter of 2020.
Dufry-owned Hudson said it exercised its right to terminate its agreement with OHM as a result of the closing not having occurred prior to the end date provided for in the agreement.
Hudson and OHM will continue to explore other possible transactions, but there is no guarantee any agreement will take place.
There is also no certainty that any future deals will be consummated.
Rodger Fordyce, chief executive of Hudson, said: “While our acquisition of OHM is not moving forward at this time, our strategy remains intact to become the all-encompassing travel partner and grow our four key pillars: travel convenience, specialty retail, duty free, and food and beverage.
“Expanding in food and beverage is one of our top priorities. Our team will continue to grow this business organically, as well as pursuing acquisition opportunities in 2020 and beyond,” he said.
