ASL AVIATION GROUP TO ACQUIRE THE FARNAIR GROUP

ASL Aviation Group (ASL) has announced the signing of an agreement to acquire the Farnair Group of companies. The transaction is expected to close before the end of the year, once all pending regulatory and customary approvals are received.

When completed, this transaction will combine the strengths of two successful aviation groups and will provide industry-leading service performance to existing and prospective future customers world-wide. The acquisition of FARNAIR offers ASL Aviation Group a unique opportunity to considerably strengthen its position as the neutral provider of airline services to the major express integrators on a global scale.

Based in Switzerland, the Farnair Group provides a wide range of aviation services across the world that will complement the existing air services of the ASL Aviation Group. Consisting of four airlines – FARNAIR Switzerland and FARNAIR Hungary, Quikjet India and the established joint venture in South East Asia through K-Mile – the transaction will bring the number of affiliate airlines in the ASL Aviation Group to 7, including Air Contractors in Ireland, Europe Airpost in France and Safair in South Africa.

The Management team at Farnair Group will remain in place and the addition of the Farnair aircraft will bring the total ASL Aviation Group fleet to over 100 owned and/or operated aircraft. Employment numbers will grow to over 1.500 people globally.

ASL is a diversified aviation group that has grown in the past through acquisitions. This new acquisition reinforces the successful, strategic development of the Group by external and geographical growth. The integration of the Farnair Group into ASL will enhance the company’s capabilities and is aimed at strengthening the ASL Group’s ability to offer the highest quality professional aviation services, on a neutral provider basis, providing access to additional products and a larger network to all current customers and prospective future customers worldwide.

As the acquisition process is ongoing no further details on the commercial aspects will be announced at this time. Further announcements will follow in due course.

ASL is a joint venture between CMB (51%) and 3P Air Freighters (49%) (a private equity fund managed by Petercam).