Agility’sMenzies to acquire controlling stake in Portugal’s Groundforce:Menzies Aviation, a subsidiary of Kuwait-based Agility, signed a subscription agreement to acquire a 50.1% stake in TAP Air Portugal’s aviation services subsidiary, Groundforce, according to a company press release. National Aviation Services (NAS), which was merged with Menzies Aviation under Agility's ownership last year, was chosen as the preferred bidder for Groundforce last August.

The details: Once the agreement closes, Menzies Aviation will have a 65% market share in Portugal, operating at five airports with over 3k employees. The agreement also sets out the general terms and conditions of Groundforce's “recovery plan,” the statement says, without disclosing further details. Administrators will submit the plan to Groundforce’s creditors assembly following the acquisition for review, discussion, and approval.

About Groundforce: Groundforce Portugal is TAP Air Portugal’s aviation services unit, which provides ground and air cargo services to global airlines, including TAP (its main customer), and handles over 100k aircraft turns annually at five of Portugal's busiest airports. The company was established following the privatization of TAP Air Portugal's ground handling services in October 2005.

REFRESHER- Agility Logistics completed a GBP 763 mn acquisition of UK-based Menzies Aviation last year and combined its business with NAS to create the “world’s largest aviation services company by number of countries,” according to a company statement. The combined company operates in 58 countries, the statement said.

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