TAV Airports acquires 35% of Havas for EUR80m

Turkey's TAV Airports acquired (29-Aug-2012) 35% of Havaalanları Yer Hizmetleri A.Ş (Havaş) shares from İş Private Equity and HSBC Investment Bank Holdings for a total consideration of EUR80 million, increasing its ownership in the company to 100%. TAV Airports president and CEO M Sani Sener said, "Three years ago we sealed a partnership with two highly reputable partners, İş Private Equity and HSBC Principal Investments to support HAVAŞ's growth ambitions under TAV Airports management. With this transaction we injected €102 million into TAV Airports Holding. During these three years, together with our financial partners we have managed to turn HAVAŞ into a multinational ground handling company that is clearly uncontested in its home country. With the addition of Turkish Ground Services ("TGS") to its subsidiaries, HAVAŞ has more than doubled the number of aircraft it serves in the Turkish market. On the other hand, the acquisition of HAVAŞ Europe has turned HAVAŞ into a multinational ground handling company providing service in six countries. HAVAŞ has blossomed into a more commanding and diversified asset in the ground handling sector, our expectations from the future performance of HAVAŞ have never been higher. We are hence very pleased to take over HAVAŞ fully at this point in time. Our partnership with HSBC Investment Bank Holdings and İş Private Equity has indeed been a very fruitful one." [more - original PR]