Agility, a Kuwait City-based supply chain services, infrastructure and innovation company, finalized its acquisition of UK-based John Menzies PLC.
The deal values Menzies at approximately £571m on a fully diluted basis and approximately £763m on an enterprise value basis.
With the deal, Agility 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 $1.5 billion in 2021. The new company will have approximately 35,000 employees and operations at 254 airports in 58 countries, handling 600k aircraft turns, 2 million tonnes of air cargo and 2.5 million 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.
Hassan El-Houryn becomes Chairman of the combined company, having previously held the role of NAS CEO. Menzies Aviation CEO Philipp Joeinig will be CEO of the combined company.
Agility is a global leader in supply chain services, infrastructure and innovation. It is a pioneer in emerging markets. Agility is a multi-business operator, with companies that include a logistics parks business that is one of the largest private owners of warehousing and industrial real estate in the Middle East and Africa, an aviation services company, a liquid fuel logistics business, and companies that offer customs digitization, remote infrastructure services, ecommerce enablement and digital logistics, and commercial real estate and facilities management.