Menzies shareholders approve NAS deal

The shareholders of Scotland-based John Menzies Plc approved the proposal from GIL International Holdings, a wholly-owned subsidiary of Agility, to buy the entire share capital at £6.08/share.

As many as 90.60 percent ordinary shareholders, representing 99.57 percent shares, voted in favour of the proposal.

"The requisite majorities of Preference Scheme Shareholders voted to pass the resolutions proposed at the Preference Share General Meeting," according to a statement from Menzies.

The deal values Menzies at approximately £571 million on a fully diluted basis and at approximately £763 million on an enterprise value basis.

Agility will combine the business of Menzies with that of its existing wholly-owned subsidiary National Aviation Services (NAS).

The combination will create the world's largest aviation services company by the number of countries it operates in, second largest in terms of airports served, and the third largest in terms of revenue, according to this LinkedIn post by NAS.

"Together, the combined revenues of Menzies Aviation and NAS were in excess of $1.5 billion in 2021, and the combined group will have approximately 35,000 employees with a presence at 250 airports in 57 countries, handling more than 600,000 aircraft turns per year."

"This is a huge milestone, and I will be honoured to serve in a new role as Board Chair of the combined group," says Hassan El-Houry, Group CEO, NAS, in his LinkedIn post.

The deal is expected to be completed by Q32022.