Paris-based private equity firm PAI Partners plans to acquire commercial catering and foodservice company Elior Group’s Spanish concession catering business, Areas.

The deal, which is being finalized, could be worth 1 billion euros to 1.5 billion euros ($1.13 billion to $1.7 billion).

Areas is valued at up to 7.5 times its core earnings of about $228.4 million.

The transaction is being led by U.S. investment bank and financial services company Morgan Stanley and French peer BNP Paribas.