Kuwait-based Agility Public Warehousing Company has completed the previously announced acquisition of UK-based airport services firm John Menzies in a deal valued at about $693.6m (£571m) on a fully diluted basis.

The deal values Menzies at nearly $926.8m (£763m) on an enterprise value basis.

In March, Menzies accepted the improved all-cash takeover offer from Agility subsidiary National Aviation Services (NAS) business.

Agility stated that it would merge the acquired business with NAS and operate it as Menzies Aviation.

The combined company will offer fuel services, ground services as well as Air cargo services at airports on six continents.

Last year, the combined revenues of NAS and Menzies were more than $1.5bn.

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With around 35,000 employees, the new combined entity will have operations at 254 airports in 58 countries.

Each year, Menzies Aviation is expected to handle two million tonnes of air cargo, 600k aircraft turns, and 2.5 million fuelling turns per year.

NAS’s previous CEO, who will become Menzies Aviation chairman, Hassan El-Houry, said: “We will have the scale and resources to expand and grow as the industry recovers from the Covid-19 pandemic.

“Commercial aviation is a key engine of global economic growth, and our customers need partners they can count on as flight volumes return.”

The customers of Menzies Aviation will include Qantas Group, Frontier Airlines, easyJet, Qatar Airways, America Airlines, Emirates and Air France-KLM.

Air Canada, Air China, British Airways, Cathay Pacific, Ethiopian, FlyDubai, IAG, Jazeera, Southwest, Turkish, United Airlines, WestJet and Wizz Air will also be the combined company’s customers.

Agility vice-chairman Tarek Sultan said: “By acquiring Menzies and combining it with NAS, Agility has the opportunity to unlock greater value in both.

“Agility has a strong track record of sustainable and responsible growth over the last two decades, driven both organically and through mergers and acquisitions, and this latest deal is part of our strategy to further accelerate that growth.”