Agility announced that it has finalised its acquisition of UK-based John Menzies PLC and will combine the business with its National Aviation Services (NAS) business to create a world leader in aviation services in 58 countries.
Operating as Menzies Aviation, the combined company will provide air cargo services, fuel services and ground services at airports on six continents. Combined revenues of Menzies and NAS exceeded $1.5bn in 2021. The new company will have approximately 35,000 employees and operations at 254 airports in 58 countries, handling 600k aircraft turns, 2m tonnes of air cargo and 2.5m fuelling turns per year.
The company’s customers will include Air Canada, Air China, Air France-KLM, America Airlines, British Airways, Cathay Pacific, EasyJet, Emirates, Ethiopian, FlyDubai, Frontier Airlines, IAG, Jazeera, Qantas Group, Qatar Airways, Southwest, Turkish, United Airlines, WestJet and Wizz Air.
The boards of Agility and Menzies reached agreement March 30 on Agility’s cash offer to acquire 100% of Menzies ordinary shares, which traded on the London Stock Exchange, for 608 pence a share. The deal values Menzies at approximately £571m on a fully diluted basis and approximately £763m on an enterprise value basis.
Agility Vice Chairman Tarek Sultan said, “This is a new chapter for Agility, Menzies, and NAS. By acquiring Menzies and combining it with NAS, Agility has the opportunity to unlock greater value in both. Agility has a strong track record of sustainable and responsible growth over the last two decades, driven both organically and through mergers and acquisitions, and this latest deal is part of our strategy to further accelerate that growth. For Agility, this deal creates the largest owned and operated – “controlled” – business in Agility’s portfolio by revenue, headcount, and global presence. We’re looking forward to seeing the new Menzies soar with Agility’s backing.”
Source: Agility
