Swissport, Servisair merger agreed

GROUND handler Swissport  has formally acquired competitor Servisair, having secured appropriate financing for the acquisition by issuing and successfully pricing a US$390 million senior secured add-on note.
The acquisition has been unanimously approved by the boards of directors of both companies and is subject to merger clearance by the competent merger control authorities.
By combining the two companies, the new group will enable Swissport to continue improving its worldwide service offering to customers, says a statement.
"Servisair is a great company with very high quality standards and with its impressive reputation it is a perfect fit for Swissport´s global and sustainable growth strategy", says Per Utnegaard, group president and chief executive of Swissport.
"We are very pleased with the acquisition and we are looking forward to working with staff, airport operators, and customers to ensure a seamless transfer."
The transaction is expected to close in the fourth quarter of this year, subject to regulatory approval.
Swissport is owned by PAI Partners, a leading European private equity firm with offices in Paris, Copenhagen, London, Luxembourg, Madrid, Milan and Munich.
Servisair´s global business currently provides ground services for around 106 million passengers and 645,000 tonnes of cargo a year on behalf of some 500 client companies in the aviation sector.
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