Ferrovial Sells Swissport to PAI Partners

4 November 2010 (Last Updated November 4th, 2010 18:30)

Ferrovial Services has reached an agreement to sell Swissport International, the world's largest airport ground handling company, to private equity firm PAI Partners for €654m ($913m). The transaction is expected to be complete by the end of 2010 or early 2011, pending approval b

Ferrovial Services has reached an agreement to sell Swissport International, the world's largest airport ground handling company, to private equity firm PAI Partners for €654m ($913m).

The transaction is expected to be complete by the end of 2010 or early 2011, pending approval by the competition authorities and final financial agreement by the buyer.

Ferrovial CEO Inigo Meiras said the proceeds from the Swissport sale will be invested in new infrastructure and services projects.

Ferrovial bought Swissport for €336m ($469m) in 2005.

Swissport provides ground handling services to 70 million passengers, manages 2.8 million tons of cargo and has nearly 650 clients worldwide.