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The SAS Group has signed and closed an agreement to sell its 100% stake in European Aeronautical Group (EAG) to Navtech Inc. based in Waterloo, ON, Canada.
The shares are sold at a total price of approximately MSEK 162 for the equity plus an additional amount estimated to MSEK 30 based on future revenues. The capital gain
in the SAS Group is approximately MSEK 50 and the positive effect on cash and net debt is approximately the same excluding the additional amount.
"Today's announcement fits with our strategy to focus mainly on our core business said Mr. Jörgen Lindegaard, President and CEO of the SAS
Group. "We have been impressed with Navtech and are looking forward to building a long-term, customer relationship with them and at the same time reduce our costs."
"Today's acquisition is a significant step toward Navtech's strategic goal of becoming the premiere supplier of integrated flight operations solutions to airlines around
the world," said Navtech, Inc. President and CEO David Strucke. "This enhances our position as one of the world's leading flight operations management providers with
a tremendous airline customer base and one of the most comprehensive product portfolios."
Strucke
said the combined product scope and market presence of the two organizations are highly complimentary, and provides Navtech with a critical mass in the U.S
and European markets, as well as a growing presence in Asia.
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