Swissport to Acquire Servisair

swissport loading-1_rgbSwissport and the French Derichebourg SA have announced they have signed a definitive agreement under which Swissport will acquire Servisair from the French Derichebourg SA.  Swissport says it has already secured appropriate financing for the acquisition.  Swissport adds that by combining the two companies, the new group will enable it to: “continue improving its worldwide service offering to customers.”  A company statement says 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.
Swissport provides ground services for around 118 million passengers and handles 3.5 million tonnes of cargo a year on behalf of some 650 client-companies in the aviation sector.  With a workforce of around 40,000 personnel it is active at 180 stations in 37 countries across five continents, and says it generates annual consolidated operating revenue of CHF 1.9 billion (US$2.02bn).
Servisair currently provides ground handling, cargo, fuelling, load control and airport services at 118 stations in 20 countries.  Total revenue of Servisair in FY2012 was €688 million (US$909m) earned with a workforce of about 15,000 staff.
“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”, said Per H Utnegaard, Group President & CEO 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.