Elis Shares Jump After Company Ditches Talks With Vestis, UniFirst

Dow Jones10-04 22:10

By Cristina Gallardo

Elis shares jumped after the French provider of workplace services and supplies ditched talks with Vestis and UniFirst to enter the U.S. market.

The Paris-listed company's shares traded 13.1% higher at 21 euros on Friday mid-afternoon. They have increased 11.3% year-to-date.

Earlier Friday, Elis said it had ended talks with Vestis and UniFirst, as neither would have allowed Elis to complete a transaction maintaining Elis's financial discipline in the amount paid.

The French company had also aimed at retaining an investment-grade rating and seeking a deal accretive to earnings from the first year, it said.

Elis, which operates in Europe and Latin America, generated revenue of 4.31 billion euros ($4.79 billion) last year. Meanwhile, Vestis's revenue in 2023 amounted to $2.825 billion, while UniFirst's amounted to $2.23 billion.

Write to Cristina Gallardo at cristina.gallardo@wsj.com

(END) Dow Jones Newswires

October 04, 2024 10:10 ET (14:10 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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