The sale of Swissport by the UK-based Candover private equity group to Ferrovial of Spain was completed on October 7…
The sale of Swissport by the UK-based Candover private equity group to Ferrovial of Spain was completed on October 7, following approval of the EUR 646 million transaction (payment for shares and assumed debt) by the international competition authorities. The sale of the world`s biggest aviation services provider was announced on August 22.
Ferrovial intends to retain the existing Swissport International top management team headed by CEO Joseph In Albon. The new owners will also continue to pursue Swissport`s current growth strategy, to not only maintain but further consolidate its leading position in the rapidly-growing ground handling market. Swissport reported a year-on-year increase of some 10 per cent in its operating revenues for the first half of 2005; and results for the third and fourth quarters of the year are expected to show similarly favourable trends.
With a workforce of around 21 000 personnel, Swissport International Ltd. (which is owned by Ferrovial, a leading European infrastructure and service corporation based in Spain) provides ground services for over 70 million passengers and three million tonnes of cargo a year on behalf of some 600 client companies. Swissport is active at 187 airports in 41 countries on five continents, and generated consolidated revenues of CHF 1.297 billion (EUR 836 million) last year.
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