Saudi Logistics Services Company has announced the signing of a sale and purchase agreement for the acquisition of 100% stake in Belgium airport ground handling firm Aviapartner Liege for SAR123 million ($32.8 million).

The agreement, signed with Aviapartner Belgium NV and Aviapartner Holding NV, will be a cash consideration deal, financed through SAL’s available resources, said the Saudi company in its filing to Saudi bourse tadawul.

This acquisition comes in line with SAL’s international expansion strategy and will see the Saudi group boost its operational footprint at a key European cargo hub as well as expand its cargo ground handling and logistics service offerings at international airports.

With this strategic move, the Saudi group aims to geographically diversify its revenue streams and leverage operational synergies through access to established infrastructure, airline relationships and a mature operating environment, said the statement.

On the expected financial impact, SAL said it expects the transaction to have a positive impact on its financial performance in the long -term following completion and consolidation of the acquired company’s financial results.-TradeArabia News Service