August 7, 2006
Spanish construction group FCC has bought Aeroporti di Roma Handling, the biggest handling company working in the Italian capital, for EUR72.5 million euros (USD$93 million), it said on Monday.
FCC said the buy would increase turnover at its handling unit Flightcare to about EUR280 million (USD$360 million) a year. ADRH is expected to make turnover of EUR85 million (USD$109.2 million) this year with core profit (EBITDA) of EUR9.6 million (USD$12.3 million).
The deal with Aeroporti di Roma, controlled by holding company Gemina, was seen closing by the end of the year, FCC said in a statement.
The deal will make Flightcare one of the biggest airport handling companies in Europe with operations at 15 airports.
FCC said the acquisition fitted in to a strategic plan to increase growth and profitability through internal growth and by acquisitions in its core areas both in Spain and abroad.
Spanish construction and services company Ferrovial bought airport handling firm Swissport International last August for EUR646 million (USD$830 million).
Spanish construction firms have been making the most of a massive boom in the sector but are now looking to diversify their interests into services such as airports and toll-roads.
(Reuters)