Agility finalises acquisition of John Menzies PLC

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Agility has finalised its £763m acquisition of John Menzies PLC, which will be combined with National Aviation Services (NAS) to create a world leader in aviation services.

Operating as Menzies Aviation, it will be the world’s largest aviation services company by the number of countries served, and the second largest by number of airports, and will have a combined revenue exceeding $1.5bn.

The combined company will provide air cargo, fuel, and ground services at airports on six continents.

It will have 35,000 employees and operations at 254 airports in 58 countries, handling 600,000 aircraft turns, 2 million tonnes of cargo, and 2.5 million fuelling turns per year.

Hassan El-Houry, previously CEO of NAS, is Chairman of the combined company. He said, “We will have the scale and resources to expand and grow as the industry recovers from the COVID-19 pandemic. Commercial aviation is a key engine of global economic growth, and our customers need partners they can count on as flight volumes return.”

Philipp Joeinig, CEO of Menzies Aviation, who will be CEO of the combined company, said, “Agility’s backing gives us the resources to provide innovative solutions for growing and forward-thinking customers, and to develop our talent, technology, and sustainability; critical factors for our future success. It also means we are well-positioned to support our customers in tackling supply chain challenges and labour shortages.”

The boards of Agility and Menzies accepted Agility’s cash offer on 30 March, which valued Menzies at £571m on a fully diluted basis and £763m on an enterprise value basis.

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