Ferrovial agrees to buy Swissport
Ferrovial yesterday agreed to buy Swissport International for Euros 646m (Dollars 790m), expanding the Spanish construction and logistic group’s aviation business into passenger and cargo handling. Swissport, one of the world’s largest independent airport handling groups, was sold by Candover, the private equity group that bought the business from bankrupt Swiss flag carrier Swissair in 2002 for Euros 393m. Candover, which briefly considered a flotation of Swissport, generated a 2.6 times return on its equity investment. Ferrovial already manages four airports, and said the global handling business was growing at 5 per cent a year, with annual revenues of Euros 26bn. Ferrovial said the Swissport purchase was “another step in the company’s internationalisation strategy”, and will also diversify its business lines. “Entering the handling business is consistent with our strategy of growth in services and complements our activities in urban services, facility management and infrastructure maintenance,” said Inigo Meiras, managing director of the services division.
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