Swissport takes initial stake in SAS ground-handlers

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

SAS Group is selling a 10% share of its ground-handling companies to ground services specialist Swissport International.

The transaction follows a tentative agreement between the two sides earlier this year which set out plans to establish a handling joint venture, with Swissport taking the majority share.

But these negotiations are "on hold", says SAS Group, until Swissport's acquisition of handler Servisair is completed.

SAS Group is divesting its handling activities as part of its 4XNG restructuring programme.

It says Swissport's acquisition of a 10% stake in each of SAS's three handling companies, which takes effect on 1 November, will have "insignificant impact" on liquidity and profitability of the company.