SAS Group sells Newco to Teinver
The SAS Group has today agreed to sell its 55% holding in the Spanish ground handling company Newco Airport Services to Teinver. Teinver holds 100% of Newco after the transaction. The transaction value and positive effect on net debt and cash for the SAS Group amount to MSEK 400. The equity value is MSEK 320. The capital gain amounts to approximately MSEK 170.
“The divestment is a part of Strategy 2011 launched in June and this is the first part to be completed. We are confident that the new majority owner will continue to develop the business in a growing Spanish market”, says Mats Jansson, SAS Group President & CEO.For further information
Sture Stölen, Head of SAS Group Investor Relations, phone +46 70 997 1451About Newco
Newco is Spains second largest handling company and is expected to handle more than 127 000 flights in 2007. It started operations in 1998 and provides passenger-, ramp- and other services at 26 Spanish airports. The company also provides cargo-handling services in Madrid. Newco has more than 1 300 employees and provides services for more than 40 airlines including the SAS Group’s airlines at Spanish airports.
About the SAS Group
SAS AB is the Nordic region’s largest flight and travel group and offers air transport and flight-related services based in northern Europe. Scandinavian Airlines flies from Scandinavia, to/from Europe, North America and Asia. Scandinavian Airlines is a member and one of the founders of the world’s largest global airline alliance – Star Alliance™. The other airlines in the Group are Spanair, Widerøe, Blue1 and airBaltic as well as the part-owned carrier Estonian Air. The SAS Airline Aviation Services business include companies that support airline operations.