DUBAI - Kuwait's Agility, one of the largest Gulf logistics companies, said on Thursday it has finalised its 763 million-pound ($924.37 million) acquisition of British aviation services company John Menzies.
Agility said it will combine the acquisition with its National Aviations Services (NAS) and the deal values Menzies at approximately 571 million pounds on a fully diluted basis and about 763 million pounds on an enterprise value basis.
"Once integrated, the combined company will operate as Menzies Aviation and will be the world's largest aviation services company by number of countries and second largest by number of airports served," Agility said in a statement.
The combined revenue of NAS and Menzies topped $1.5 billion last year. The new combined entity will provide air cargo services, fuel services and ground services at 254 airports in 58 countries.
Hassan El-Houry, previously chief executive at NAS, becomes Menzies Aviation's chairman and Menzies Aviation CEO Philipp Joeinig will be CEO of the combined entity.
(Reporting by Yousef Saba; Editing by Susan Fenton)