BBA Aviation has reached agreement with John Menzies on the terms of the sale of ASIG, a leading commercial aviation services company, for $202 million in cash. Menzies is funding the acquisition through raising additional debt and equity and, in addition to customary approvals, the transaction will require the approval of its shareholders. As a result of this process, the disposal is expected to close around the end of 2016. BBA Aviation says ASIG is the world's leading independent refueller, employing approximately 8,000 people, and providing ground, fuel and airport facility services to airlines, airports, oil companies and industry partners in the commercial aviation sector. It safely delivers flexible and comprehensive service solutions including refuelling, fuel farm management, ground handling, aircraft technical support services, facilities equipment maintenance and de-icing, with considerable technical expertise at more than 80 airports in North America, Central America, Europe and Asia.
+0.90p (+0.35%)delayed 18:15PM