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SAS AB and Swissport International Ltd. Sign Letter of Intent; Companies to Establish Joint Venture; Swissport to Take Over SAS' Ground Handling

Thursday, 7 Mar 2013 08:00am EST 

SAS AB announced that the Company and Swissport International Ltd. (Swissport) have signed a Letter of Intent. The letter creates the basis for continued negotiations between the two companies, aiming at an agreement to transfer full ownership of SAS' Ground Handling in Denmark, Sweden and Norway to Swissport. As a first step, both parties intend to establish a joint venture company to which the business and operations of SAS ground handling and Spirit (cargo handling) will be transferred. The Letter of Intent is paving the way for continued negotiations between SAS and Swissport International related to the complete outsourcing of SAS ground and cargo handling services including the workforce of approximately 5,000 full time employees in Scandinavia. It is the intention of both companies to establish a joint venture company of which Swissport will hold 51% ownership and SAS 49%. Swissport will take the management and operational responsibility of the company that will provide the ground and cargo handling for SAS and other airline customers in Scandinavia. SAS will successively transfer full ownership of the company to Swissport. Swissport International Ltd. provides ground services for approximately 118 million passengers and 3.5 million tons of cargo a year on behalf of approximately 650 client-companies in the aviation sector. 

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