Kuwait's Agility to buy John Menzies for £571m

Aviation services firm John Menzies said on Wednesday that it has agreed to be bought by Kuwait’s Agility for £571m in cash.

Under the terms of the acquisition, Menzies shareholders will receive 608p a share, which is an 81% premium to the closing share price on 8 February, the last business day before the commencement of the offer period.

Following completion, Agility will create the combined group by joining Menzies' business with that of its existing wholly-owned subsidiary, National Aviation Services (NAS).

Menzies chairman and chief executive Philipp Joeinig said: "The Menzies directors believe that the offer represents a fair and recommendable price for shareholders which recognises Menzies' future prospects.

"Menzies is an outstanding business with a long and rich history. The board of Menzies applauds the work that the Menzies management team have done to steer the business through the challenging impacts of the pandemic and position the business for continued future growth and the next evolution in its journey.

"The Menzies all-cash offer from bidco represents an opportunity for current shareholders to realise value for their investment at an attractive premium and valuation multiple."