Britain’s John Menzies agreed to be acquired by Kuwaiti firm Agility for nearly $750 million on Wednesday, in an effort to create an airport services giant as the aviation industry recovers from the COVID-19 pandemic.
Menzies shareholders will receive 608 pence in cash per share, which, according to the Edinburgh-based company, represented a premium of about 81% to the Feb. 8 closing price, the day before it received Agility’s initial takeover approach.
Menzies will be combined with National Aviation Services, a unit of Kuwait’s Agility Public Warehousing Co. Agility currently holds a 19% stake in Menzies.
Read more: Reuters
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