Swissport Group ('Swissport'), the provider of ground handling and cargo services, has announced its intention to seek an Initial Public Offering ('IPO') and listing of its shares on the SIX Swiss Exchange.
The contemplated IPO is currently anticipated to take place in 2018 and Swissport expects to issue an "intention to float announcement" later this year. HNA Group Co., Ltd (together with its direct and indirect subsidiaries and affiliates, "HNA Group"), currently Swissport's sole shareholder, is expected to retain a long-term strategic shareholding following any such IPO. Swissport will continue to function as an independent company.
"The objective of the contemplated IPO is to accelerate Swissport's long-term growth strategy, provide additional financial flexibility and liquidity, and position the company to strengthen its leadership position and service offerings", said Eric Born, Group President and CEO.
Swissport is led by an internationally diverse and highly experienced senior management team with a proven track record in the air services and logistics operation industries. The company has succeeded in growing total revenues, managing costs, introducing new products, and acquiring and successfully integrating new businesses under its current leadership.
Swissport is a wholly-owned independent subsidiary of HNA Group, a Fortune 500 company focused on tourism, logistics and financial services, with a strong strategic focus on and deep expertise in aviation and airport management. Following HNA Group's acquisition of Swissport in February 2016, the company's independent management team has been able to leverage and benefit from HNA Group's resources, support, expertise, and global connections in aviation and tourism to accelerate its growth strategy and competitive position in the market.
Swissport International Ltd. provides ground services for more than 250 million passengers and handles 4.3 million tonnes of cargo a year on behalf of some 845 client-companies in the aviation sector. With a workforce of more than 65,000 personnel, Swissport is active at more than 279 stations in 48 countries across five continents, and generates consolidated operating revenue of EUR 2.7 billion.