Swissport International Ltd. and Scandinavian Airline Systems (SAS) have announced they have signed a Letter of Intent, with the aim for Swissport to take over SAS ground handling services.
A press release says the letter creates the basis for continued negotiations between the two companies, aiming at an agreement to transfer full ownership of SAS´ ground handling in Denmark, Sweden and Norway to Swissport, including the workforce of approx. 5000 full time employees in Scandinavia.
As a first step, both parties intend to establish a joint venture company to which the business and operations of SAS ground handling and Spirit (cargo handling) will be transferred.
It is the intention of both companies to establish a joint venture company of which Swissport will hold 51% ownership and SAS 49%. Swissport will take the management and operational responsibility for the company that will provide the ground and cargo handling for SAS and other airline customers in Scandinavia. SAS will successively transfer full ownership of the company to Swissport.
The sale is part of SAS' financial restructuring package.
(NRK/Press release)
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