Agility Completes £763 Million Acquisition Of Menzies Aviation

<h4>Agility Completes £763 Million Acquisition Of Menzies Aviation<&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that Agility&comma; a supply chain services&comma; infrastructure and innovation company&comma; has announced that it has finalized its acquisition of UK-based John Menzies Plc and will combine the business with its National Aviation Services&comma; NAS&comma;business to create a world leader in aviation services in 58 countries&period;<&sol;p>&NewLine;<p>Once integrated&comma; the combined company will operate as Menzies Aviation and will be the world’s largest aviation services company by number of countries and second largest by number of airports served&period;<&sol;p>&NewLine;<p>Operating as Menzies Aviation&comma; the combined company will provide air cargo services&comma; fuel services and ground services at airports on six continents&period;  Combined revenues of <a href&equals;"https&colon;&sol;&sol;punchng&period;com&sol;">Menzie<&sol;a>s and NAS exceeded &dollar;1&period;5 billion in 2021&period; The new company will have approximately 35&comma;000 employees and operations at 254 airports in 58 countries&comma; handling 600k aircraft turns&comma; 2 million tonnes of air cargo and 2&period;5 million fuelling turns per year&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Menzies and NAS will create the world leader in aviation services&comma;” said Hassan El-Houry&comma; who becomes Chairman of the combined company&comma; having previously held the role of NAS CEO&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;We will have the scale and resources to expand and grow as the industry recovers from the COVID-19 pandemic&period; Commercial aviation is a key engine of global economic growth&comma; and our customers need partners they can count on as flight volumes return&period;”<&sol;p>&NewLine;<p>The company’s customers will include Air Canada&comma; Air China&comma; Air France-KLM&comma; America Airlines&comma; British Airways&comma; Cathay Pacific&comma; EasyJet&comma; Emirates&comma; Ethiopian&comma; FlyDubai&comma; Frontier Airlines&comma; IAG&comma; Jazeera&comma; Qantas Group&comma; Qatar Airways&comma; Southwest&comma; Turkish&comma; United Airlines&comma; WestJet and Wizz Air&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;With the combination of Menzies and NAS&comma; our customers will receive world-class service&comma; expanded product offerings&comma; and the industry’s best safety practices at airports on six continents&comma;” said Menzies Aviation CEO Philipp Joeinig&comma; who will be CEO of the combined company&period; &OpenCurlyDoubleQuote;Agility’s backing gives us the resources to provide innovative solutions for growing and forward-thinking customers&comma; and to develop our talent&comma; technology&comma; and sustainability&semi; critical factors for our future success&period; It also means we are well-positioned to support our customers in tackling supply chain challenges and labor shortages&period;”<&sol;p>&NewLine;<p>Agility Vice Chairman Tarek Sultan said&comma; &OpenCurlyDoubleQuote;This is a new chapter for Agility&comma; Menzies&comma; and NAS&period; By acquiring Menzies and combining it with NAS&comma; Agility has the opportunity to unlock greater value in both&period; Agility has a strong track record of sustainable and responsible growth over the last two decades&comma; driven both organically and through mergers and acquisitions&comma; and this latest deal is part of our strategy to further accelerate that growth&period; For Agility&comma; this deal creates the largest owned and operated – &OpenCurlyDoubleQuote;controlled” &&num;8211&semi; business in Agility’s portfolio by revenue&comma; headcount&comma; and global presence&period; We’re looking forward to seeing the new Menzies soar with Agility’s backing&period;”<&sol;p>&NewLine;<p>The boards of Agility and Menzies reached agreement March 30 on Agility’s cash offer to acquire 100&percnt; of Menzies ordinary shares&comma; which traded on the London Stock Exchange&comma; for 608 pence a share&period; The deal values Menzies at approximately £571 million on a fully diluted basis and approximately £763 million on an enterprise value basis&period;<&sol;p>&NewLine;<p><strong>Source&colon; APO Group<&sol;strong><&sol;p>&NewLine;