Britain’s Menzies to be acquired by Kuwaiti firm for nearly $750mln

Britain’s John Menzies agreed to be acquired by Kuwaiti agency Agility for practically $750 million on Wednesday, in an effort to create an airport providers big because the aviation business recovers from the COVID-19 pandemic.

Menzies shareholders will obtain 608 pence in money per share, which, in response to the Edinburgh-based firm, represented a premium of about 81% to the Feb. 8 closing worth, the day earlier than it acquired Agility’s preliminary takeover strategy.

Menzies can be mixed with Nationwide Aviation Providers, a unit of Kuwait’s Agility Public Warehousing Co. Agility at the moment holds a 19% stake in Menzies.

The mixed group is anticipated to be the world’s largest airport providers firm by the variety of nations it operates in and third largest by income, Menzies mentioned.

The settlement follows three earlier proposals from the Kuwaiti agency, all rejected by Menzies.

The British group, like others aviation corporations, suffered heavy losses in 2020 because the pandemic damage world journey however has since recovered due to value controls and restructuring.

Menzies shares had been up 3.5% at 590 pence in early commerce on the London Inventory Change.

($1 = 0.7625 kilos)

(Reporting by Muhammed Husain in Bengaluru; Enhancing by Anil D’Silva)