LOC17:25
14:25 GMT
KUWAIT, Aug 4 (KUNA) -- Agility Company announced on Thursday that it has finalized its acquisition of UK-based John Menzies at approximately GBP 763 million (around USD 922 million).
The deal will combine the business with Agility's National Aviation Services (NAS) to create a world leader in aviation services in 58 countries.
The boards of Agility and Menzies reached agreement March 30 on Agility's cash offer to acquire 100 percent of Menzies ordinary shares, which traded on the London Stock Exchange for 608 pence a share.
Agility Vice Chairman Tarek Sultan said, "This is a new chapter for Agility, Menzies, and NAS. By acquiring Menzies and combining it with NAS, Agility has the opportunity to unlock greater value in both -- We're looking forward to seeing the new Menzies soar with Agility's backing."
According to an Agility press release, the combined company, Menzies Aviation, will provide air cargo services, fuel services and ground services at airports on six continents.
The combined revenues of Menzies and NAS exceeded USD 1.5 billion in 2021.
The new company will have approximately 35,000 employees and operations at 254 airports in 58 countries, handling 600,000 aircraft turns, two million tons of air cargo and 2.5 million fueling turns per year.
The company's customers will include Air Canada, Air China, Air France-KLM, America Airlines, British Airways, Cathay Pacific, EasyJet, Emirates, Ethiopian, FlyDubai, Frontier Airlines, IAG, Jazeera, Qantas Group, Qatar Airways, Southwest, Turkish, United Airlines, WestJet and Wizz Air.
Agility -- a supply chain services, infrastructure and Innovation Company -- was founded in 1979 and was listed in the Kuwaiti stock market in 1984.
Menzies Aviation has been evolving since 1833 to become one of the worlds' largest aviation services companies with operations on six continents.
It provides time critical ground services, fuel services and air cargo services at more than 210 airports in 41 countries, supported by a team of 31,000 highly trained people.
Founded in 2003, National Aviation Services (NAS) is a Kuwait-based aviation services company that leads in the emerging markets of the Middle East, Africa, and South Asia. One of the fastest-growing aviation services companies in emerging markets, NAS is owned and backed by Agility. (end)
md.gta