LONDON, UK: GIL International Holdings V Limited, a wholly-owned subsidiary of Agility Public Warehousing Company, has made a recommended money offer to acquire Menzies plc on the speed of 608 pence in money per Menzies share.
The acquisition values the entire issued and to be issued ordinary share capital of Menzies at roughly £571 million on a fully diluted foundation and values Menzies at roughly £763 million on an enterprise worth basis.
Commenting on the Acquisition, Hassan El-Houry, Group Chief Executive Officer of NAS, said: “This deal creates a world chief in airport services and unlocks worth for all stakeholders. The NAS-Menzies mixture brings collectively extremely complementary operations and ensures that the mixed enterprise has the scale and resources to grow.
Menzies shareholders will realize a premium in return for supporting the transaction. Customers will profit from Menzies’ operational excellence at extra airports throughout the world and can be able to select from a broader product offering. Employees of each companies will profit from being a half of a larger, stronger group that offers extra profession development and development opportunities. The mixed enterprise will have the capital to make investments inside the talent, technology, innovation, infrastructure, equipment, and sustainability management required to speed up growth.”
Commenting on the Acquisition, Philipp Joeinig, Chairman and Chief Executive Officer of Menzies, said: “The Menzies Directors believe that the offer represents a good and recommendable price for shareholders which recognises Menzies’ future prospects.
Menzies is an excellent enterprise with a lengthy and wealthy history. The Board of Menzies applauds the work that the Menzies administration team have done to steer the enterprise through the difficult impacts of the pandemic and place the enterprise for continued future growth and the subsequent evolution in its journey.
The Menzies all-cash offer from Bidco represents an alternative for present shareholders to realise worth for his or her funding at an attractive premium and valuation multiple.”
Commenting on the Acquisition, Tarek Sultan, Vice-Chairman of Agility, said: “Agility’s focus is on growth and shareholder worth creation. We are a long-term, multi-business operator and investor aiming to create worth with a disciplined funding technique that focuses on companies in high-growth sectors with strong fundamentals, reinforced by administration groups with established records, best-practices governance, and alignment with Agility’s imaginative and prescient and values.
Menzies is a good fit. The aviation sector has strong growth potential, and Menzies is one of many most-established suppliers inside the industry, with a sustainability focus we share. A NAS-Menzies mixture will create a strong and resilient industry player, well positioned to develop and drive future earnings. We expect this acquisition to additional diversify Agility’s income base and strengthen money flow generation.”
Following completion of the Acquisition, Agility will create the Combined Group by combining Menzies’ enterprise with that of its existing wholly-owned subsidiary, National Aviation Services (NAS).
Menzies is a critical partner to the worldwide aviation industry, delivering time-critical logistics services at greater than 200 locations in additional than 37 countries, throughout six continents, through a global team of greater than 25,000 extremely trained people. Menzies Aviation is firmly established as a global participant in cargo, fuelling and floor dealing with with strong aggressive positioning inside every of its core focus areas and a very good reputation inside the market.
NAS is a longtime and trusted aviation services supplier inside the rising markets, with customers collectively with many of the world’s main airways such as British Airways, Air France, KLM, Emirates and Qatar Airways. It is additionally one of many industry’s quickest rising regional aviation services providers, with a presence in additional than fifty five airports throughout the Middle East, Africa and South Asia.
NAS is a half of the Agility group, a global provide chain services, infrastructure and innovation firm listed on the Kuwait Stock Exchange and the Dubai Financial Market. Agility has a confirmed track record of investing in and efficiently scaling companies sustainably and responsibly, each organically and thru acquisitions.
www.agility.com