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Saudi Logistics Services Company (SAL) has signed a sale and purchase agreement to acquire a 100% stake in Belgium airport ground handling firm Aviapartner Liege for 123 million Saudi Arabian riyals ($32.8 million).
The SPA, signed with Aviapartner Belgium NV and Aviapartner Holding NV, will be a cash consideration deal, financed through SAL’s available resources.
The Saudi firm said the acquisition supports its international expansion strategy by establishing an operational footprint at a key European cargo hub, expanding its cargo ground handling and logistics service offerings at international airports, and geographically diversifying its revenue streams.
(Writing by Bindu Rai, editing by Seban Scaria)
