AIR FRANCE - KLM finalizes the transaction to sell 49.99% of the Servair share capital and transfer its operational control t...
December 29 2016 - 1:30AM
Roissy, 29 December 2016
Air France-KLM
finalizes the transaction to sell 49.99% of the Servair share
capital and transfer its operational control to airline catering
company gategroup.
Following the acquisition of
gategroup by HNA on 22 December 2016, Air France and gategroup
yesterday finalized the agreement for the sale to gategroup of
49.99% of the Servair share capital and the transfer of its
operational control for an enterprise value of 475 million euros
(100% basis). This sale will be effective as of 30 December 2016,
and the new Board of Directors controlled by gategroup will take
office as of 1 January 2017.
Through this transaction, Air
France provides Servair with the resources required for its future
growth to enable the company to maintain the highest standards in
the airline catering industry globally, thanks to its industrial
partnership with a leading player. The combination of Servair and
gategroup will create the global number one in inflight catering,
supported by the assets, expertise and networks of the two
companies. With more than 200 facilities and 39,000 employees, the
new entity will be able to accelerate the introduction of
innovative products and services and create an unprecedented offer
at the service of more than 300 airline customers.
Thanks to this transaction, 9,500
Servair employees will see their company's prospects
reinforced.
With this transaction, Air France
pursues the refocusing on its core businesses and its debt
reduction strategy. The structure of the transaction will also
enable Air France to account 50% of Servair's net result using the
equity method.
Investor relations
Marie-Agnès de
Peslouan
Dirk Voermans
+33 1 49 89 52
59
+33 1 49 89 52
60
madepeslouan@airfranceklm.com
divoermans@airfranceklm.com
Press +33 1 41 56 56 00
www.airfranceklm.com
Air France-KLM finalizes the
transaction to sell 49.99% of Servair
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: AIR FRANCE - KLM via Globenewswire
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