Swissport to Acquire 10% Stake in SAS’ Ground Handling Companies

Swissport International and Scandinavian Airline Systems (SAS) have signed an agreement by which Swissport acquires a 10% stake in each of SAS' three ground handling companies.

The acquisition which has insignificant impact on profitability and liquidity of the SAS Group is effective 1 November 2013.

The divestment and outsourcing of ground handling is an important part of SAS' strategy to further increase operational flexibility and effectiveness. The agreement Swissport and SAS have now signed marks an important step in the implementation of this strategy.

In March 2013, SAS and Swissport announced the signing of a Letter of Intent paving the way for continued negotiations between SAS and Swissport related to the complete outsourcing of SAS ground and cargo handling services in Scandinavia.

The parties have agreed to put these negotiations on hold until after completion of Swissport's acquisition and integration of Servisair (subject to merger clearance).

Swissport International provides ground services for around 118 million passengers and handles 3.5 million tons of cargo a year on behalf of some 650 client-companies in the aviation sector. With a workforce of around 40,000 personnel, Swissport is active at 181 stations in 37 countries across five continents, and generates annual consolidated operating revenue of CHF 1.9 billion.