Swissport finalises acquisition of Servisair - Lloyd's Loading List
Airport ground handler Swissport has finalised the 100% acquisition of counterpart Servisair, owned by French corporate services group, Derichebourg.
The value of the transaction has not been disclosed.
In August, the Zurich-based group had announced that it had entered into a definitive agreement to acquire Servisair.
All required regulatory approvals were obtained before closing.
"The acquisition is an essential part of Swissport ěs growth strategy. Our customers will benefit from the enlarged global network, the increased portfolio of value- added services, the combined operational excellence and the consistent service quality worldwide”, said Per H. Utnegaard, Group President and CEO of Swissport International.
“We are very much looking forward to welcoming the employees from Servisair and to combine the strengths of Servisair and Swissport,” he added.
The integration of Servisair into the Swissair group will begin next month and is expected to be completed during the course of 2014.
With the closing, Swissport, owned by European private equity firm, PAI Partners, now employs more than 55,000 personnel, and the group’s network exceeds 255 stations in 46 countries.
It has 700 client-companies and generates an annual consolidated operating revenue of CHF3 billion.
Following the acquisition of Servisair, Swissport will operate from 120 warehouses worldwide and move an estimated 4 million tonnes of cargo annually.