Aramark Completes Purchase of Avendra for $1,350 Million

Marriott | December 12, 2017

Marriott International (NASDAQ: MAR) today announced that the owners of Avendra, LLC have completed the sale of Avendra to Aramark (NYSE: ARMK) for $1,350 million. After redemption of management participation rights, transaction costs, and repayment of Avendra's outstanding debt, Avendra's founding shareholders – Marriott, Hyatt, Accor, ClubCorp and IHG – received $1,201 million in cash proceeds from the transaction. Marriott received $659 million for its 55 percent interest in Avendra. In addition, in conjunction with the sale of Avendra, Marriott has entered into a 5-year procurement service agreement with Aramark on behal...