SAS Scandinavian Airlines (SK) has announced the latest step in its strategy of focusing on its core airline business through the divestiture of six properties at Swedish airports.
The Scandinavian carrier has signed a sale and leaseback deal with Swedavia, the state-owned group that owns, operates and develops 11 airports across Sweden for the buildings, a mixture of hangars, warehouses, workshops and offices at Stockholm Arlanda (ARN), Gothenburg Landvetter (GOT) and Malmö Sturup (MMX) airports
SK puts a market value of SEK1.77 billion ($263 million) on the deal, adding that the transaction will generate SEK450 million ($66.7 million) and capital gains of approximately SEK350 million ($51.8 million), which will be reported in the second quarter. The annual cost for the lease agreement is neutral, compared with ownership of the properties, said the carrier.
“The transaction is part of our 4Excellence strategy, in which we focus on the core business, while releasing capital and strengthening our financial preparedness,” said Benny Zakrisson, SK EVP-infrastructure and mergers and acquisitions.
SAS Group recorded a net loss last year of $255 million, with fuel costs and its stake in defunct Spanish carrier Spanair (JK) playing their part.
The sales process, which was initiated by SAS in 2011, was implemented in international competition. Newsec Corporate Finance was SK’s advisor in the transaction.
Article Source : ATW Daily News
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